Insurance Meaning Of In The Aggregate
Insurance policies typically set caps on both individual claims and the aggregate of claims.
Insurance meaning of 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 say you have 2 million aggregate coverage for the year that s the absolute limit on what you ll be reimbursed. The general aggregate limit places a ceiling on the insurer s obligation to pay for property damage bodily. 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.
Aggregate limits are commonly included in liability policies. If your liability policy has a per occurrence limit of 1 000 000 and an aggregate limit of 5 000 000 the policy ha. Plus some insurance such as public liability and employers liability are any one claim regardless. For example if a company s annual aggregate coverage limit is 20 million and claims totaling 25.
Limit of indemnity in the aggregate. So when insurance customers are confused between in the aggregate and any one claim they are usually referring to professional indemnity insurance. The term aggregate refers to the total limit which an insurance policy may potentially pay out in a policy period. If a valid claim is made against you the insurer pays up to 1m in damages and legal costs.
What does in the aggregate mean. If you have one 2 million claim four 500 000 claims or 20 100 000 claims you use up your liability coverage until the new year. Liability insurance policies and this includes public product and professional indemnity insurance have a specified limit of indemnity on the policy and this represents the maximum amount of. Let s say your professional indemnity insurance policy has 1m level of cover.
In commercial general liability insurance the general aggregate is the maximum amount of money the insurer will pay out during a policy tenure. 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. Look it up now. Budget isn t the only thing to think about.
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. 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.
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