What is the term for two or more property policies arranged to provide levels of coverage where higher levels activate only after lower levels are exhausted?

The term "Layered Property Coverage" refers to an arrangement of multiple property insurance policies that are structured to provide specific levels of coverage. In this system, various layers of insurance are set up to cover different amounts or types of risk. The key aspect of this arrangement is that the higher levels of coverage only come into effect once the lower levels have been fully exhausted.

This approach is commonly used in high-value property insurance or complex risk scenarios where the risk exceeds the limits of a single insurance policy. By layering coverage, policyholders can effectively manage their total exposure and ensure that they have adequate protection without unnecessarily extending every single layer to cover the entire value of the property at all times.

The other terms listed, such as "Combined Coverage," "Secondary Coverage," and "Supplemental Insurance," do not specifically capture the idea of multiple layers of coverage activating sequentially. Instead, they describe different concepts of insurance that focus on additional coverage, but do not inherently imply the structure of sequential layers based on exhaustion of limits.