Specific Excess Contract


Definition of "Specific excess contract"

Kristofer Chun real estate agent
Kristofer Chun, Real Estate Agent Kristofer Chun Real Estate

Policy in which an insurer agrees to pay property or liability losses in excess of a specific amount per occurrence. For example, this type of coverage typically is used by an employer that self insures its workers compensation but wants to limit the loss per accident to, say, $40,000. Contrasts with stop loss aggregate contract that pays for total losses above a certain amount during the year.

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