Is general liability the same as general aggregate?
Is general liability the same as general aggregate?
A general aggregate is the maximum limit of coverage which applies to commercial general liability insurance policy. Under the commercial general liability insurance, the general aggregate limit is applied to the covered bodily and property damage and all covered personal & advertising injury.Jan 21, 2021
What is a general liability aggregate?
The general aggregate limit of liability refers to the most money an insurer can pay to a policyholder during a specified period. ... The aggregate limit of liability represents the payout limit for any and all claims for the entire term of the policy.
What is a general aggregate?
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.
What does aggregate mean in an insurance policy?
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 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 ...Feb 25, 2016
What does 2000000 aggregate mean?
A small construction company may have a general liability policy with an aggregate limit of $2,000,000. ... The construction company owner above may have a $2,000,000 aggregate limit with a $1,000,000 per occurrence limit, which means his insurance company will only pay up to $1,000,000 for the damaged home.
What does aggregate mean in commercial insurance?
In commercial general liability insurance, the general aggregate is the maximum amount of money the insurer will pay out during a policy tenure. ... Under this, the coverage will pay for any claim, loss and lawsuit in which a policyholder is involved, until it reaches the aggregate limit.Jan 21, 2021
What is an aggregate general?
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.Jan 21, 2021
What is the difference between general liability and general aggregate?
What Is the Difference Between General Liability and General Aggregate? General liability describes the type of insurance policy you have. Your general aggregate is the maximum limit of coverage supplied by your general liability policy within the term.