drop down clause

drop-down clause. Insurance. An insurance-policy provision requiring an excess insurer to provide coverage to the insured even though the underlying coverage has not been exhausted, usu. because the underlying insurers are insolvent. [Cases: Insurance 2396.]

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词条贡献者

双语律师Lorna，国际知名商学院金融专业，擅长翻译涉及金融创新和金融科技领域的法律文件。