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Excess Liability

Excess Liability

Excess liability is pretty simple, so we will be short here. Also known as an “umbrella” in personal lines for coverage like home and auto, this simply raises the limits of insurance. If your operation is worth more than a basic business policy’s limits, an excess liability policy can look over the operation and raise the limits. Having the right amount of excess coverage in the right places is where S2S Insurance Services can help.

 

How does it work?

Example: Your company is worth $5million and there is a lawsuit filed against your company. The other party sues for $10million. Then the case is either privately settled or a ruling is determined by a judge. However, the party that settles the amount realizes that your company doesn’t have $10million and have to bring it down to what your company is worth, $5million. But uh oh, your policy limit is a standard $2million policy, leaving your company on the hook for another $3million. Chances are it’s going to be a while before you recover from that loss unless you have an Excess Liability policy for these situations.

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