// definition
Time excess
A period of loss retained by the insured
Short definition
A policy-defined period during which specified losses remain with the insured. Under the income-loss option in Hiscox’s 04/23 specimen, losses and expenses incurred during the time excess are excluded. The schedule sets its duration. A time excess is distinct from a monetary excess.
risk atlas
Knowledge map
Intuition
The covered loss period and the insurer’s payment date answer different questions.
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Primary sources
- Hiscox, 04/23 specimenPage 6: Time excess and Waiting period definitions. Page 15: income-loss option and exclusion of losses during the time excess.