Insurance Meaning Of In The Aggregate
The term aggregate refers to the total limit which an insurance policy may potentially pay out in a policy period.
Insurance meaning of in the aggregate. Aggregate limits are commonly included in liability policies. A general aggregate is a crucial term in commercial general liability insurance which is necessary for all policyholders to understand. If your policy is in the aggregate 1m is the maximum your insurer pays for all accumulated claims in a policy year including associated legal costs.
If we re talking professional indemnity insurance small businesses working on relatively low value contracts in a low risk industry training for example might find an aggregate policy is all. In commercial general liability insurance the general aggregate is the maximum amount of money the insurer will pay out during a policy tenure. Aggregate 1 a limit in an insurance policy stipulating the most it will pay for all covered losses sustained during a specified period of time usually a year.
Budget isn t the only thing to think about. Let s say your professional indemnity insurance policy has 1m level of cover. If say you have 2 million aggregate coverage for the year that s the absolute limit on what you ll be reimbursed.
What does in the aggregate mean. Limit of indemnity in the aggregate. Liability insurance policies are based upon a limit of indemnity the maximum amount of the insurer s liability but what it is an aggregate limit of indemnity.
If your liability policy has a per occurrence limit of 1 000 000 and an aggregate limit of 5 000 000 the policy ha. When an insurance policy is arranged on an aggregate basis this means that the limit of indemnity is the total amount that the insurer will pay. The second limit is the aggregate insurance meaning the most it will pay out for all claims.
While not often used in property insurance aggregates are sometimes included with respect to certain catastrophic. Plus some insurance such as public liability and employers liability are any one claim regardless. The general aggregate limit places a ceiling on the insurer s obligation to pay for property damage bodily.
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