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Excess Insurance
Excess Insurance protects companies from catastrophic losses, in the cases of a single large claim or an unusually large number of claims during a given time period.
There are three types of excess policies:
- Specific Excess
Specific Excess coverage is designed to protect a company from “unexpected” high-cost claims due to a single, serious or catastrophic accident. Specific Excess coverage is also known as self-insured retention, or SIR. - Aggregate Excess
Aggregate Excess coverage places a limit on the amount an employer pays for all claims incurred during a given time frame. The Aggregate acts like the deductible for the policy.
Aggregate insurance is also sometimes called “stop-loss”. - Combination Excess
Specific & Aggregate
Specific Excess coverage is designed to protect a company from “unexpected” high-cost claims due to a single, serious or catastrophic accident. Specific Excess coverage is also known as self-insured retention, or SIR.
Aggregate Excess coverage places a limit on the amount an employer pays for all claims incurred during a given time frame. The Aggregate acts like the deductible for the policy. Aggregate insurance is also sometimes called “stop-loss”.
