What it does
CX 24 04, filed by ISO in 2018, addresses how the retained limit (the controlling underlying limits) is considered exhausted for the excess policy to respond. New York has its own version (CX 24 08).
Who needs it
Accounts with large primary settlements or disputed underlying payments, where the insured wants clarity on when the excess layer is triggered.
How it fits the excess layer
The ISO excess form follows the provisions, exclusions and limitations of the controlling underlying insurance unless the excess form or an endorsement says otherwise. Excess endorsements therefore either add a restriction the underlying does not have, or adjust how the excess layer follows the underlying. Check every CX endorsement on a quote against the underlying policy so the layers line up.
Quoting and selling notes
- Review how underlying settlements and payments by others count toward exhaustion.
Related forms
See CX 00 01.
