What is an excess fee?
The excess fee, n the context of insurance, (also called a deductible) is the amount the policyholder pays towards a claim before the insurer pays the remainder. For example, with an excess of £250 on a claim for £2,000 of damaged goods, you receive £1,750 and pay £250 yourself. Always check the excess level on any insurance policy — a policy with a low premium but a high excess may leave you significantly out of pocket on a smaller claim.
Also known as: Deductible (insurance)
PSS Tip: If you take PSS’s Shipment Protection Cover, there is no Excess Fee; however, a claims admin fee may apply.
