What is the difference between primary and excess insurance?

Primary insurance is a type of insurance that is designed to cover any losses or damages up to a certain limit. It functions as the first line of coverage for an insured party; in the event of an accident, primary insurance will help the insured to pay for medical bills, property damage, and other costs related to the accident. Excess insurance is a type of insurance policy that provides coverage for losses and damages over and above the limits of primary insurance. These policies are usually more expensive than primary insurance policies, as they provide protection for more costly losses and damages. While primary insurance is designed to cover the initial losses, excess insurance is designed to provide additional coverage for higher losses. For instance, if an accident results in damages that exceed the limits of primary insurance, excess insurance can provide additional coverage for these additional costs. In Ohio, the Ohio Department of Insurance enforces the laws and regulations governing both primary and excess insurance. This includes setting minimum limits for all types of insurance, establishing requirements for filing claims, and ensuring that insurance companies treat their customers fairly.

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What is the difference between primary and excess insurance?

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