Excess buy back insurance
An excess buy back policy allows your client to decide whether the excess is imposed by their insurer is too high for them and allows them to “buy back” some of their excess exposure.
Whats covered by this policy
- Accidental damage, fire, theft or vandalism
- Damage resulted in loss, destruction or damage to your property
- The property was insured under a primary insurance policy.
- The damage caused is not covered under any other insurance policy.
- The damage caused was less than your Excess but greater than £500.
- We have received payment for Your £500 Excess under this policy.
- The incident that led to the claim under your Primary Insurance Policy happened before the start date of that Policy cover.
- You make a claim under this Policy within the first 30 days immediately following the start date of cover.
- The Claim has been successfully made under your Primary Insurance Policy.
- The amount contributed by you or deducted from you is not clearly defined by your Primary Insurance Policy as being a Policy Excess.
- The Excess and/damages have already been paid or recovered by a third party.
- The claim is notified to us 31 days after the incident.