excess insurance

excess insurance
Insurance which, by a provision in the policy, is relieved from contributing to other insurers of the same risk; such a policy renders the insurer liable only for the amount of loss or damage in excess of the coverage provided by another policy or policies covering the same risk. 29A Am J Rev ed Ins § 1715. A liability insurance policy issued to a lessor of automobiles and covering liability of the lessee, which expressly provides for its inapplicability to liability "for such loss as is covered on a primary, contributory, excess, or any other basis by insurance in another insurance company," does not constitute "other valid and collectible insurance" within the meaning of a liability insurance policy issued with respect to the lessee's own automobile, but covering the insured while driving another car, subject to the proviso that such insurance "shall be excess insurance over any other valid and collectible insurance available to the insurance . . .". Continental Casualty Co. v Weeks (Fla) 74 So 2d 367, 46 ALR2d 1159.

Ballentine's law dictionary. . 1998.

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  • excess insurance — n. A secondary insurance policy covering a loss in excess of that covered under a primary policy; may be referred to as excess policy. Webster s New World Law Dictionary. Susan Ellis Wild. 2000 …   Law dictionary

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  • excess insurance — noun 1. : insurance in which the underwriter s liability does not arise until the loss exceeds a stated amount and then only on the excess above that amount 2. : insurance over and above that necessary to meet the requirements of a coinsurance… …   Useful english dictionary

  • excess insurance — portion of damage which must be paid by the insured party …   English contemporary dictionary

  • excess — ex·cess adj: more than a usual or specified amount; specif: additional to an amount specified under another insurance policy excess coverage excess insurance Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • insurance — in·sur·ance /in shu̇r əns, in ˌshu̇r / n 1: the action, process, or means of insuring or the state of being insured usu. against loss or damage by a contingent event (as death, fire, accident, or sickness) 2 a: the business of insuring persons or …   Law dictionary

  • insurance — A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the… …   Black's law dictionary

  • insurance — A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the… …   Black's law dictionary

  • excess-loss reinsurance — noun : reinsurance by a company agreeing to bear any loss in excess of a stipulated amount often with some maximum limitation compare excess insurance, excess reinsurance …   Useful english dictionary

  • Insurance in the United States — refers to the market for risk in the United States of America. Some main features of insurance could be said to be, *the benefit provided by a particular kind of indemnity contract, called an insurance policy; *that is issued by one of several… …   Wikipedia

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