What does Nonconcurrency mean? Read on to discover the definition & meaning of the term Nonconcurrency - to help you better understand the language used in insurance policies.
The condition created by two or more policies covering the same loss exposure that do not have identical inception and expiration dates. Nonconcurrency of an insured's umbrella policies and the liability policies required by the umbrella as underlying insurance is a problem because the nonconcurrent policy terms make it possible for a loss under an underlying policy's annual aggregate limit to use up part of the limit required by the umbrella and thus violate its underlying limits requirement.
We hope the you have a better understanding of the meaning of Nonconcurrency.