What does Losses In Excess of Policy Limits mean? Read on to discover the definition & meaning of the term Losses In Excess of Policy Limits - to help you better understand the language used in insurance policies.
Losses In Excess of Policy Limits
This is an expression used in reinsurance agreements that refers to damages awarded by a court against an insurer in favor of the insured, due to the insurer's having failed to settle a third-party claim against the insured within the policy limits by reason of bad faith, fraud, or gross negligence.
We hope the you have a better understanding of the meaning of Losses In Excess of Policy Limits.