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Excess insurance means insurance which covers loss beyond the scope of primary coverage. With an excess insurance policy, a company does not need to pay for the loss beyond their existing insurance policy. Instead, they can purchase excess insurance and pay only the deductible on this. Excess insurance only covers loss beyond a certain, set amount.
Excess insurance coverage provides protection for those who can afford another insurance policy. The common insurance factors still remain true. This means premiums must be paid, and when loss is experienced a deductible must also be paid. Excess coverage, also known as an umbrella policy, is virtually the same as primary insurance.
Dean owns a shrimping business on the gulf coast. He follows in the footsteps of his father, and his father before him. This means that Dean is continuing the family business. One day, he wants to pass this on to his children.
Dean has recently experienced tragedy. His business, small but profitable, has been devastated. When a recent hurricane came into the gulf coast it wiped out all of his assets, leaving him with only a company name and some cash in the bank. Unfortunately, the damaged well exceeds his primary insurance policy.
Luckily, Dean has an excess insurance carrier. Though he will still have to pay an insurance deductible, he will not experience the losses to his business. It will take time, but he will be able to rebuild from this catastrophe. Dean goes home and prepares for the storm ahead of him; filing with his excess insurance authority.