Excess layer cover is a policy designed to provide increased limits of liability over your primary insurance cover.
For many years, £2m public liability was considered an adequate minimum amount but nowadays many local authorities insist on either £5m or £10m for their contractors regardless of trade.
A Roofing company has £2,000,000 Public Liability; they have requested cover for £5,000,000 for a contract they are starting.
Excess layer will provide the £3,000,000 over £2,000,000 to give a total of £5,000,000
Cover can be on an annual basis or as a single contract duration if required. Higher risk activities with heat, depth and height requirements can also be underwritten.
Excess layer provides you with a lower cost alternative than asking your primary existing Insurers to carry the increased liability exposure.
Products Liability Excess Layer
Manufacturers need to remember that their indemnity limits are normally aggregated for their products and the limit may become exhausted should their products cause multiple accidents.
Employers Liability Excess Layer
All employers have a legal requirement to effect Employers' Liability insurance. If an employee is injured at work or becomes ill as a result of work and decides to sue for compensation, with insurance, there is at least a minimum level to cover the claim. However, should the worst happen such as a fire or explosion, the minimum level of cover may not adequately reflect the potential exposure of even modest numbers of employees working together at one location.
It is therefore important to carry out an assessment of risk accumulation and purchase Excess of Loss Employers' Liability cover as appropriate.
Depending on your trade and premium you pay, this proves to be a more cost effective method than increasing your primary limit and we will cost both options to offer you the best terms.
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