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 Public Liability leaves off. If your risk exposure is higher than your Public Liability cover limit, you may need this additional insurance.
How does cover work?
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“La Playa: Insurance with Intelligence. Passionate. Discerning. 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.
As a Lloyd's broker, La Playa has solutions for even the most complex risks, and our services also include Business Protection and Employee Benefits. But what does "Boutique Service" actually look like?
Careful listening to really understand your needs and priorities
As much help as you need with completing forms to provide risk information
A discreet and complimentary appraisal* to assess the risks and ensure you have the right cover where you need it
An independent market review - so you don’t have to shop around comparing policies, cover limits, risks covered and smallprint exclusions
Careful monitoring of the carriers’ financial strength, claims and customer service
An independent recommendation of the best policy for you - and why
Specialist policy wordings from underwriters who have demonstrated excellence and deep understanding of your risk exposures. We have analyzed a wide range of policy wordings and have selected only the best for our panel. Our advisers have a deep working knowledge of these policies
*subject to insurer availability
An intelligently designed portfolio of protection across multiple asset classes, liabilities and territories
Advice on how best to manage your risks - to keep you safe but also to keep insurance costs down
A dedicated adviser so you can speak to the same person each time.
Expert guidance on valuations, security and risk management, and connecting you with specialist advisers and suppliers
Direct phone and email access to your adviser for questions and advice.
Policy documents emailed to you - no logins and passwords to remember
An advocate beside you if you make a claim - thinking laterally to mitigate the impact, making useful connections to get you back up and running, and driving through a swift financial settlement