What is concurrent insurance endorsement

Concurrent Insurance — two or more policies covering the same exposure and having the same policy period and type of coverage trigger. It is important for primary and excess liability policies to be concurrent.

What is an endorsement on an insurance policy?

An insurance endorsement/rider is an amendment to an existing insurance contract that changes the terms of the original policy. An endorsement/rider can be issued at the time of purchase, mid-term or at renewal time. Insurance premiums may be affected and adjusted as a result.

What is a non concurrency endorsement?

A term used to describe a situation where there are two or more insurance policies not written with the same coverage, or effective dates.

What is non concurrent reinsurance?

Concurrency automatically protects reinsurers against these effects, while non-concurrency requires the reinsurer to protect itself. When reinsurers protect themselves they offer less-favorable terms, thus with non-concurrent terms, reinsurers typically act as if their price is higher than it actually is.

What is it called when you have multiple insurance policies?

Secondary insurance: once your primary insurance has paid its share, the remaining bill goes to your secondary insurance, if you have more than one health plan. Your secondary insurance may cover part or all of the remaining cost.