The meaning of "Excess" is as follows: "In the event of an excess of 5% being applic

The meaning of "Excess" is as follows:

"In the event of an excess of 5% being applicable on the loss of GBP100" which means that any loss up to GBP5 is payable by the (1)( ) insurer/( ) insured, and GBP95 is payable by the (2) ( ) insurer/( ) insured.