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). Under the standard commercial general liability (cgl) policy, the general aggregate limit applies to all covered bodily injury (bi) and property damage (pd.
These refer to the maximum amount an insurer will pay for a single claim or incident.
General aggregate limit 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. If the insured makes a single claim for $50,000, the insurance company pays only $25,000, the. Aggregate limit and per claim limit many insurance policies have what is called an aggregate limit.
An insurance policy may have several different types of limits. This may lead the company owner to believe that if a house his crew is working on is damaged in a fire, his insurance company will cover the damage up to the amount of $2,000,000. In commercial general liability insurance, the general aggregate is the maximum amount of money the insurer will pay out during a policy tenure.
The general aggregate is the maximum amount of money a liability insurance policy will pay in a given policy term. Say your insurance aggregate limit is $1 million. The commercial general liability policy uses both a general aggregate limit and a products and completed operations aggregate.
General aggregate in insurance is the total amount that you can claim from your insurance company within the period of the policy, which is usually one year. A general aggregate limit of liability applies to all types of liability claims that the policy covers, such as property damage. Under this, the coverage will pay for any claim, loss and lawsuit in which a policyholder is involved, until it reaches the aggregate limit.
A general aggregate limit is the maximum limit of insurance payable during any given annual policy period for all losses other than those arising from specified exposures. In the picture above the general aggregate limit is $2,000,000. After paying $1 million for the example claim above.
Using our example limits, this policy pays up to $1 million for a single claim but cannot exceed that amount. Under some commercial general liability (cgl) policies, the general aggregate limit applies to all covered bodily injury (bi) and property damage (pd) (except for injury or. 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.
The top limit is an each occurrence limit of $1,000,000. A small construction company may have a general liability policy with an aggregate limit of $2,000,000. 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.
The general aggregate limit is spelled out in the insurance contract and caps the number of covered losses for which an insurer will pay. You could also file 10 claims each worth $100,000 before reaching your limit. A general aggregate is a crucial term in commercial general liability insurance, which is necessary for all policyholders to understand.
In your policy period, you could file two claims each worth $500,000 to meet your aggregate limit. The general aggregate limit places a ceiling on the insurer’s obligation to pay for property damage, bodily. The aggregate helps the insurance company create an incentive for its policyholders to avoid lawsuits.
So in any one occurrence, the policy will pay out $1,000,000. 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. An aggregate limit is a provision in the policy that limits the amount the insurer will pay for all covered losses in a specific policy period.
A general aggregate sets the limits of your commercial general liability (cgl) policy. The aggregate limit of liability is the total amount in dollars that you will be paid by your insurance policy. The general aggregate or policy limit is $2,000,000.
General aggregate represents the maximum amount a policy pays out across all claims. The general aggregate limits can be amended to apply separately to designated locations or to designated projects. It may be definitive, as in a general lifetime maximum for claims, or it may be set annually (like $500,000 per year).
The general aggregate limit of an insurance policy is the maximum amount of money the insurer will pay out during a policy term. 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. In commercial general liability insurance, the general aggregate is the maximum amount of money the insurer will pay out during a policy tenure.
There can be any number of claims on a policy, but the policy limit will be $2,000,000. For example, a liability policy may have a $25,000 per claim limit and an aggregate limit of $100,000. There are two aggregate limits on the commercial general liability policy.