excess liability

Excess Liability

When additional (higher) limits of liability are required above what is available on your General Liability policy, an Excess Liability policy may be obtained. For example: If you have a contract for work that requires you to maintain a limit of liability in the amount of at least $5 million, but your policy (known as the underlying policy) only provides a limit of $2 million, you can apply for an Excess Liability policy for the additional $3 million required. An Excess Liability policy typically provides the same terms and conditions of the underlying policy.