Most insurance policies impose excesses, which are first amounts payable by the insured in respect of each and every claim. The purpose of the excess is to discourage small run of the mill claims from being submitted to the insurer. The thinking is that the excess makes the insured more careful and responsible.
However it is unfortunate that usually when disaster strikes, one will be at their weakest financially, and the excess can be an extra burden. It is this burden which Champions proposes to reduce and/or take away by offering excess drop-down cover or buy-back cover.
For an extra premium, now you can negotiate to reduce your excess or to eliminate it altogether.