To qualify for an insurance policy, the insured must have an insurable interest, meaning that the insured must derive some benefit from the continued preservation of the article insured, or stand to suffer some loss as a result of that article's loss or destruction. Life insurance requires some...
Contributing excess –Where there is more than one reinsurer sharing a line of insurance on a risk in excess of a specified retention, each such reinsurer shall contribute towards any excess loss in proportion to his original participation in such risk. Example: Retention $100,000, Reinsurer A...
The GL/WC/ExcessInsurance rateis x.x% applied to Construction Costs. Any change in the Cost ofInsurance ratewill be on a uniform basis for Insureds of the same classification, such as attained age, gender and class of risk. However, it will be required after construction is complete and ...
Collateral Insurance shall have the meaning set forth in Section 4.4(a). Errors and Omissions Insurance Policy means an errors and omissions insurance policy maintained by the Master Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator, as the case may be, ...
Many travel insurance policies include coverage for rental cars, which can include excess insurance. If you’re planning a trip and have already decided to purchase travel insurance, check if rental car coverage is included. If not, you might be able to add it for an additional fee. The Bot...
Coinsurance differs from more commonplace excess or deductible arrangements in that, under coinsurance, the insured is responsible for a larger proportion of each loss incurred, such as 10% of every claim made under its policy. In the US, coinsurance refers to the condition of average. This is...
Put simply, it provides extra (or "excess") liability coverage and is effectively insurance of last resort, but coverage will not take effect until after other sources of coverage like homeowner's insurance or car insurance have been used fully. "When we're looking at personal risk management...
Of course, if a company or the group as a whole has catastrophic losses, members pay the difference, up to a limit. Above that point, the group buys excess insurance to offset a single large loss or a combination of losses. ►Captives (See Captive Services) ...
Excess insurance covers a claim after the primary insurance limit has been exhausted or used up. For example, if the primary insurance coverage limit was $50,000 and the excess policy covered another $25,000, a claim of $60,000 would result in a $50,000 payout from the primary insura...
Whole life insurance policies are further distinguished as participating and non-participating plans. With a non-participating policy, any excess of premiums over payouts becomes profit for the insurer. However, the insurer also assumes the risk of losing money. ...