I'm working for a Reinsurance company at the moment and our official "Glossary of reinsurance terms" says:

"Excess of Loss Reinsurance:
A form or reinsurance that, subject to a specified limit, indemnifies the reinsured for that portion of a loss (arising out of a covered occurrence under one or more original policies) that is of the deductible, as defined in the reinsurance contract."

more references:

http://www.sayra-sailing.org/publicdocs/InsuranceRAO.pdf

"The Umbrella Policy carries a $10,000,000 limit, which WORKS IN EXCESS OF of the above underlying policies. Note: The umbrella does not cover D&O below"

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Note added at 45 mins (2004-03-29 15:25:21 GMT)
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http://home.vicnet.net.au/~assetman/index/indexalf.htm


\"Insurance for Construction WORKS IN EXCESS OF $50,000: H&CS \"

http://www.capregboces.org/Purchasing/3019-July1.pdf (POLICY)

\"The BOCES shall award all purchase contracts for supplies, materials and equipmentinvolving expenditures IN EXCESS OF $10,000 and all contracts for public WORKS IN EXCESS OF $20,000 to the lowest responsible bidder after advertising for public sealed bids.\"