Download an Excess Policy

Download .docx template

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Please read through the below which helps to explain parts of the excess policy example you can download above.

Layout

The excess policy is laid out just like most insurance policies with a schedule first which sets out all of the basic insurance terms such as the limit of liability and premium. Schedules are often also called Declarations as this is the American name for the same part of the policy. Then this is followed by the terms of the policy. These terms are the small print that often requires some negotiation.

Underlying Primary Policy

The underlying primary policy is the policy that will be claimed on first. It's the policy that all other excess policies follow. This means that any excess policies sitting above the primary policy will contain the same exclusions and coverage as the primary.

Underlying Excess Policies

There is no limit to the amount of excess policies that can cover any transaction. While there is only ever one primary policy, there can frequently be 4-5 excess policies and sometimes as many as 15 policies. If your excess policy sits above other excess policies (e.g you are the 4th excess policy) then those other policies are called underlying excess policies.

Limit of Liability

The clause in this example excess policy sets out how much cover this policy is providing.