Excess

When You apply for Your Policy, You can choose the Excess amount (except for a Policy purchased while already Overseas). Your premium will be affected by the Excess You choose. Selecting a higher Excess will reduce Your premium, while a lower Excess will increase it.

Your Policy Excess is listed on Your Certificate of insurance.

If You have purchased Your Policy while already Overseas, the Excess is $500, and You cannot reduce this Excess.

The Excess is the amount You are required to pay or bear for each claimable event under Your Policy. If You make multiple claims arising from the same event, only one Excess will apply. However, if Your claims relate to separate, unrelated events, an Excess will apply to each claim, unless stated otherwise.

The Excess is deducted after any relevant Depreciation and/or limits have been applied to the claim amount.