Excess Liability Definition & Meaning | Insurance Term | CSIMarket
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Glossary

Excess Liability

Insurance Term

Excess liability, also known as umbrella insurance or excess insurance, is a type of insurance that provides additional coverage beyond the limits of a policyholder*s primary insurance policy. This type of insurance is used to provide protection against catastrophic losses or lawsuits that exceed the limits of a primary insurance policy.

Excess liability insurance typically covers liability claims for bodily injury, property damage, and personal injury that are not covered by a primary insurance policy. This type of insurance can also provide coverage for legal defense costs in the event of a lawsuit.

Excess liability insurance is commonly used in the insurance industry by businesses and individuals who face high-risk situations or have large assets that need protection in case of a lawsuit or settlement. This type of insurance is also used by insurance brokers and agents to provide their clients with comprehensive coverage and to mitigate the risk of potential lawsuits.

Overall, excess liability insurance is an important tool for managing risk and providing additional protection for policyholders who face potential losses beyond the limits of their primary insurance policy.


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