The insureds took a different approach. For example, a liability policy may have a $25,000 per claim limit and an aggregate limit of $100,000.
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It places a ceiling on the insurer's obligation to pay for bodily injury, property damage, medical expenses and lawsuits that may occur to a business during the policy's term.
General aggregate limit insurance term. The term is also known as “general aggregate limit of liability,” which is the maximum amount of money an insurance company will pay for claims, losses, and lawsuits that happen during the active period of your policy (typically one year). In commercial general liability insurance, the general aggregate is the maximum amount of money the insurer will pay out during a policy tenure. The aggregate limit of liability is the total amount in dollars that you will be paid by your insurance policy.
Under this, the coverage will pay for any claim, loss and lawsuit in which a policyholder is involved, until it reaches the aggregate limit. It may be definitive, as in a general lifetime maximum for claims, or it may be set annually (like $500,000 per year). By setting a limit on payouts, the insurance provider can keep their cost relatively low to encourage business owners to purchase a policy.
The general aggregate limit of an insurance policy is the maximum amount of money the insurer will pay out during a policy term. The general aggregate is the maximum amount of money a liability insurance policy will pay in a given policy term. It is the payout limit for all incidents occurring during the policy period.
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. 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. For westchester, the case turned on its definition (or lack thereof) for “general aggregate” limit of liability.
As with other kinds of insurance, the higher the coverage the greater the premium. Umbrella insurance policy is an additional amount of coverage which is offered once the underlying limit of the general liability insurance is exhausted. The maximum limit of insurance payable during any given annual policy period for all losses other than those arising from specified exposures.
Policy terms are 6 or 12 months. A general aggregate limit of liability applies to all types of liability claims that the policy covers, such as property damage, bodily injury, personal, and advertising injury. 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.
A general aggregate sets the limits of your commercial general liability (cgl) policy. 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. The general aggregate limit in your cgl insurance is an example of that balancing act.
General aggregate limit — the maximum limit of insurance payable during any given annual policy period for all losses other than those arising from specified exposures. Westchester argued that the term is commonly used in policies and means the maximum that applies to all underlying insurance. General aggregate as mentioned, the general aggregate limit is another term for aggregate.
A general aggregate limit is a crucial term in cgl insurance, and it's equally critical that a policyholder understands it. Each occurrence is the claim limit for. If the insured makes a single claim for $50,000, the insurance company pays only $25,000, the.
The general aggregate limit is spelled out in the insurance contract and caps the number of covered losses for which an insurer will pay. Cgl insurance policies carry liability limits, which means that during the term of coverage, the insurance will pay only up to a certain amount.once the policy reaches those thresholds, its financial resources are exhausted. The general aggregate limits can be amended to apply separately to designated locations or to designated projects.
Aggregate limit and per claim limit many insurance policies have what is called an aggregate limit. Depending on the number of locations or projects designated, these endorsements can greatly reduce the likelihood that a policyholder's general aggregate limit will be exhausted during the policy period. Two important limits include “each occurrence” and “general aggregate”:
A general aggregate limit is a crucial term in cgl insurance, and it's equally critical that a policyholder understands it. A general aggregate is the maximum limit of coverage which applies to commercial general liability insurance policy. The aggregate limit for covered losses resets at the beginning of the new policy term.
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