Caught with too much insurance (5)
I believe the answer is:
cover
'insurance' is the definition.
(I've seen this before)
'caught with too much' is the wordplay.
'caught' becomes 'c' (cricket abbreviation).
'with' means one lot of letters go next to another.
'too much' becomes 'over' (over can mean to too great an extent).
'c'+'over'='COVER'
(Other definitions for cover that I've seen before include "Lid, travel (distance)" , "Lid or shelter" , "Blanket" , "(Put) lid (on) - fielding position - insurance" , "Overlay" .)