What Does it Mean to 'Exhaust' an Underlying Layer of Insurance?

[Editor's note: Robert M. Hall is an attorney, a former law firm partner, a former insurance and reinsurance executive and acts as an insurance consultant as well as an arbitrator and mediator of insurance and reinsurance disputes and as an expert witness. He is a veteran of over 120 arbitration panels and is certified as an arbitrator and umpire by ARIAS - US. The views expressed in this article are those of the author and do not reflect the views of his clients. Copyright by the author 2012. Other articles may be viewed at the Mr. Hall's website: robertmhall.com.]

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