If you require a high level of indemnity for public liability insurance then you will need what is called an Excess Layer policy. Park Insurance are able to offer excess layer quotations from a panel of leading insurers which include but are not limited to AIG, Zurich, Marketform, Ace, Catlin, Brit.
You will find that most liability insurers provide £ 1million, £2million or £5million liability limits. In certain trades, the risks you are exposed to may exceed the £5million limit provided by a standard liability policy. Builders of large commercial properties and smaller tradesman can often require higher levels of liability while working for local authorities.
Excess Layer Example
A building contractor holds a Public Liability Policy with a Limit of Indemnity of £2,000,000 which had previously been adequate to meet all his contractual obligations.
He now secures a Local authority contract which requires him to have a Limit of Indemnity of £10,000,000 He increase his current policy to 5 Million as this is the maximum limit his insurer can provide. We now need to purchase an Excess layer cover of £5,000,000 over the Primary cover of £5,000,000 with a different insurer that will then give us a limit of £10,000,000.