Excess Liability

Excess Liability

What is Excess Liability Insurance for?

Standard liability policies have upper limits on how much they can pay out. If your business requires coverage greater than this amount, then Excess Liability Insurance can step in - in the event of a claim, it will pay the extra amount outstanding once your initial policy's limit has been reached.

Why don't standard policies have high enough limits already?

Mostly, they do. Excess Liability covers businesses, individuals, and situations, where the risk is greater than the normal risk covered by the primary policy. Put simply, some businesses have more to lose than others - but policies have to be designed on careful analysis of average risk trends over time. So if your business is an outlier in its needs, you can still take out the general policy, but will require Excess Liability Insurance to secure the extra cover you'd need in the event of a claim. 

Excess Liability insurance can pick up where your General Liability (GL) leaves off. If your risk exposure is higher than your GL coverage limit, you may need this additional insurance. 

What if...

  • A court decides against you and you're made to pay a harsher than expected compensation settlement?
  • A contract clause requires you to have a higher limit than you have at present?
  • You are undertaking a project in a high value, well-known, or sizeable venue?

How does coverage work?

  • You can normally purchase a number of excess liability policies to sit on top of one another - allowing you to create very high levels of protection as required
  • Coverage will normally follow the terms of cover under your primary or first layer policy
  • The level of premiums for each policy/layer is normally less than that required by your primary/first layer policy

Download: 5 Reasons Art Collectors Need Specialist Insurance PDF Document

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About La Playa Fine Art

Specialist & Independent

Specialist & Independent

Our in-depth understanding of the unique risk exposures in the art world means we speak your language - and we can save you time and hassle in the event of a claim. Our expertise is backed up with efficient and highly personal service and our wealth of experience spans over 50 years.

Whatever your specialism, we’ll take a creative and innovative approach to structuring your Fine Arts insurance programme and select for you an insurer who demonstrates understanding and experience of your field.  We’ll support you with great advice - helping you manage your risks and make good decisions to protect your organization or collection. 

At La Playa, we’re passionate about the arts and creative industries – many of us are practitioners and active consumers; in fact, La Playa founded the first ever corporate art collective.

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