What does Double Excess Coverage mean? Read on to discover the definition & meaning of the term Double Excess Coverage - to help you better understand the language used in insurance policies.
Double Excess Coverage
A provision within directors and officers (D&O) liability policies covering an insured director's or officer's work in conjunction with an outside firm, usually a nonprofit organization. When "outside directorship liability" coverage is written on a double excess basis, the policy will be required to pay claims only after: (1) the outside organization's D&O insurer pays the claim and (2) the outside firm is financially unable to reimburse the director or officer for the claim.
We hope the you have a better understanding of the meaning of Double Excess Coverage.