What is Excess Limits Insurance Coverage?
Here at ACT, we understand what makes you unique is what sets you apart. We echo your individuality; that is why we don’t offer cookie cutter insurance policies. Rather, we offer the ability to create a customized insurance plan that meets your needs and protects you while you attend events this year. We are excited to announce ACT now offers the ability to purchase excess liability insurance coverage.
So whether you are looking for painter insurance, craft insurance, or vendor liability insurance, we have an insurance policy that provides you with the “A+ Rated” coverage you deserve and the ability to increase your liability limits to fit your needs and satisfy contractual requirements. Below, we will breakdown what this coverage is and when you would need to purchase it.
What Is Excess Liability Insurance?
Excess liability insurance is additional insurance coverage up and above your ACT general liability policy. Certain venues, landlords and contracts may require you to have higher liability limits. Pairing the excess liability policy with your ACT policy can help you fulfill these requirements. Or, you may want to have an additional layer of protection to safeguard your assets. Excess liability insurance is one tool available to accomplish this for as little as $500 a year. Excess limits are purchased in $1 million increments and you can purchase up to $2 million excess coverage through our online portal. If higher limits are needed, please contact us for additional options.
Now we know that can get confusing, so here’s an example to better explain how excess limits work. Under ACT’s current general liability policy, you have a per occurrence limit of $1,000,000, which is the most the insurance company will pay for any one covered claim. By purchasing an excess liability insurance policy with a $1,000,000 limit you now would have $2,000,000 coverage for any one claim.
So, if you were to have a covered claim filed and judgement was awarded for $2,000,000 your ACT general liability policy would pay $1,000,000 and your excess liability policy would pay $1,000,000. Without the additional excess liability coverage you personally would have to come up with the additional $1,000,000 exposing all your business and personal assets. .
Why Do You Need Excess Liability Coverage?
Purchasing a policy with ACT instantly provides:
- General Liability
- Products-Completed Operations
- Damage to Premises Rented to You
- Business Personal Property
- Optional Professional Liability Coverage
Together these coverages serve as the core of your policy. Purchasing excess limits provides specific coverage above the defined parameters of your primary policy.
Several event administrators and hosts require their vendors to have upwards of 3–4 million dollars in general liability coverage. With the ability to purchase excess liability coverage, you can have peace of mind as you attend multiple events this year knowing your insurance policy meets multiple show requirements.
How Do I Add This Coverage?
Believe it or not, it’s as easy as checking a box. If you already have an ACT annual policy and you are interested in purchasing this coverage as an additional set of coverages, contact one of our service representatives at 844.520.6991 or shoot us an email at email@example.com.