WHAT IS SPECIFIC & AGGREGATE


Specific & Aggregate excess insurance coverage secured with Midwest Employers’ Casualty Corp (A.M. Best Rating A+)

Specific Excess provides catastrophic-type coverage in that it deals with one single occurrence regardless of the number of claims made as a result of that one incident. The specific has a retention (deductible) that is charged against the aggregate. The excess carrier reimburses all costs paid over the retention.

Aggregate Excess provides protection for the sum of all accidents that occur limited by the amount of each claim and the policy limit of aggregate coverage. The claim amount that can be applied to the aggregate is capped at the retention (deductible) of the specific excess. The aggregate (loss fund) is like a pot of money with a defined maximum amount. When the cap of the aggregate loss fund is reached, the excess carrier will reimburse for dollars paid beyond, up to the aggregate limit of the policy.