What does aggregate coverage mean?
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. Aggregate limits are commonly included in liability policies.
What does general aggregate insurance cover?
The general aggregate limit places a ceiling on the insurer’s obligation to pay for property damage, bodily injury, medical expenses, lawsuits, and so on, which may arise during the tenure of the insurance policy. If your policies are exhausted, you could be covering claims yourself.
What does per claim and aggregate mean?
The CNA professional liability insurance policy defines the per-claim limit as “the maximum the Insurer will pay for each claim first made against the Insured and reported to the Insurer during the policy year.” And the aggregate limit is defined as “the maximum the Insurer will pay for all claims first made against …
What is aggregate malpractice insurance?
The aggregate limits are what the policy will pay for all claims combined for a stated period. An annual policy has aggregate limits for 1 year, but sometimes the aggregate limits in tail insurance apply to all the years the policy was in effect.
What is amount of coverage aggregate?
An aggregate limit is a maximum amount an insurer will reimburse a policyholder for all covered losses during a set time period, usually one year.
What is an insurance aggregate limit?
For various types of insurance, an aggregate limit is the maximum amount of money an insurer will pay for all your covered losses during the policy period, typically one year.
Which coverage does the general aggregate limit not pay damages for?
Under the standard commercial general liability (CGL) policy, the general aggregate limit applies to all covered bodily injury (BI) and property damage (PD) (except for injury or damage arising out of the products-completed operations hazard) and all covered personal and advertising injury.
How does aggregate insurance work?
An aggregate limit is a maximum amount an insurer will reimburse a policyholder for all covered losses during a set time period, usually one year. Insurance policies typically set caps on both individual claims and the aggregate of claims. Health insurance plans often carry aggregate limits.
What is the difference between per-occurrence and aggregate?
Per-occurrence limits define how much a policy will pay for any one incident or claim. Aggregate limits define how much a policy will pay over the policy’s duration. (Most general liability policies have durations of 6 months or 1 year.)
How does insurance aggregate work?
The maximum amount of money your insurer will pay for all the claims you file during the policy period, typically one year, is known as your aggregate limit. Aggregate limits are distinct from per-occurrence (or per-claim) limits. These refer to the maximum amount an insurer will pay for a single claim or incident.
What is the difference between aggregate and embedded deductible?
Under family coverage, an embedded deductible is the individual deductible for each covered person, embedded in the family deductible. Under an aggregate deductible, the total family deductible must be paid out-of-pocket before health insurance starts paying for the health care services incurred by any family member.
What does general aggregate mean in insurance policy?
A general aggregate is a crucial term in commercial general liability insurance, which is necessary for all policyholders to understand. In commercial general liability insurance, the general aggregate is the maximum amount of money the insurer will pay out during a policy tenure.
What is aggregate liability?
Aggregate Liability means the total aggregate liability of a party under all and any heads of claim and whether in respect of one or more related or unrelated acts, events, omissions or defaults;
What is aggregate indemnity?
Definition of aggregate indemnity: The maximum amount that may be claimed during a certain period or under the policy.
What is aggregate product liability limit?
The aggregate product liability limit is the maximum payout an insurance company will make during the life or term of an insurance product. It is one of the six different limits listed in a commercial general liability (CGL) insurance policy. The aggregate product liability sets a limit on the payouts for an insurance policy.