The product, which is now available to brokers and commercial lines customers throughout the UK via RSA’s regions unit, is aimed at a range of businesses with annual professional fees of £1.5 million and above, including accountants, engineers, building contractors, surveyors and IT companies.
It provides cover when an ‘underlying’ or primary layer insurer is unable to provide the insured with the full limit of indemnity required.
The excess layer policy indemnifies the insured ‘in the terms of the primary policy’ provided that the indemnity under the primary policy is to be paid in full.
It is not uncommon to have several excess layer policies and, in each case, it is necessary for the underlying insurance to be exhausted before the indemnity under the next excess layer is ‘triggered’.
Ed Ambrose, head of professional indemnity at RSA Insurance, said: “We’re really pleased to be expanding our portfolio to offer brokers excess of loss cover. We’re constantly talking to brokers and customers, and our discussions with them, including at our profin roadshows earlier this year, really clarified the demand out there for RSA to provide this cover.
“This new offering will play an important role in helping us meet the diverse needs of our brokers and customers. Excess of loss gives us an even more extensive offering and helps make RSA a one-stop shop in the market.”