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. What does in the aggregate mean. Imagine your insurer has set aside 1m with your name on it and every expense to do with your claims comes from it. For example if your level of cover is 250 000 your insurer will never pay out more than that in total for all claims and their associated legal costs in a year. This type of cover places a ceiling on how much your insurer pays out.
In the aggregate pb. 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 the aggregate our losses have been relatively small. Aggregate limits are commonly included in liability policies.
The second limit is the aggregate insurance meaning the most it will pay out for all claims. Professional indemnity insurance is issued on both basis depending upon the provider and the product. Employers liability is always issued on an any one occurrence basis as this is a legal requirement. Product liability insurance is generally arranged on an in the aggregate basis.
Let s start with in the aggregate. Insurance policies often place limits on both the size of individual claims and the aggregate. Directors and officers liability insurance was traditionally issued in the aggregate but recent trends have seen insurers to move to an any one occurrence basis. 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.
The general aggregate limit liability refers to the most money that an insurer can be obligated to pay to an insured party during a specified period. An aggregate limit caps the total amount that an insurer will pay a policyholder for a set time period. The contracts of commercial general liability. If say you have 2 million aggregate coverage for the year that s the absolute limit on what you ll be reimbursed.
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 out over a policy term usually one year for multiple claims. If your liability policy has a per occurrence limit of 1 000 000 and an aggregate limit of 5 000 000 the policy has the capability to pay out a total of 5 000 000 over the entire term.
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