In some cases, I see terms such as Excess: $500 (Section 1 & Section 2 separately). What does this mean?
Section 2 in the policy, on the other hand, deals with third party claims. So if there is an excess on Section 2 as well, it means if there is any third party claim payable this excess shall apply. Using the same example above, the insurer pays $500 and the insurer pays $5,500 for his own damage of $6,000. For the third party claim, the insured has to fork out also $500 while insurer would pay $7,500 for a claim of $8,000.
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