Insurance Policy Aggregate Definition
The per occurrence limit is the most that a general liability insurance policy will pay for any one claim.
Insurance policy aggregate definition. There are two ways the aggregate deductible can be met. Let s say your professional indemnity insurance policy has 1m level of cover. For example a liability policy may have a 25 000 per claim limit and an aggregate limit of 100 000. All expenses are paid out of that limit and once the limit of indemnity has been reached then your insurance company will not indemnify.
The general aggregate limit places a ceiling on the insurer s obligation to pay for property damage bodily. If the insured makes a single claim for 50 000 the insurance company pays only 25 000 the. 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. Once the aggregate family deductible has been met health insurance coverage kicks in for the entire family.
The general aggregate limit of an insurance policy is the maximum amount of money the insurer will pay out during a policy term. While not often used in property insurance aggregates are sometimes included with respect to. General liability insurance business owners typically deal with aggregate insurance coverage in their general liability insurance policy. This is different than a per occurrence limit which is the maximum amount the policy pays out per claim levied against you within the term of your policy.
A general aggregate is a crucial term in commercial general liability insurance which is necessary for all policyholders to understand. The aggregate insurance definition is the most your policy will pay for all losses you sustain over a given period of time usually a year. A general aggregate limit of liability applies to all types of liability claims that the policy covers such as property damage. An insurance policy may have several different types of limits.
Aggregate limits are commonly included in liability policies. The aggregate limit also comes with a per occurrence limit that is typically 1 million. Aggregate definition 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. In commercial general liability insurance the general aggregate is the maximum amount of money the insurer will pay out during a policy tenure.
Keep in mind that when the aggregate limit is increased the per occurrence limit will generally stay the same.
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