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In a insurance policy, the limit of liability is often expressed as a value per occurrence and a separate value as an aggregate limit.
The policy will pay no more than the per occurrence limit for each covered occurrence Further, the pay no more than the aggregate limit for all claims during the policy period. On an insurance policy it would often be expressed as
$1,000,000/$2,000,000 occurrence / aggregate
The numbers listed above could be replaced by any other number, however the aggregate limit will never be less than the per occurrence limit.
Alternatively, the limit could be split between per claim and aggregate instead of per occurrence and aggregate This has no effect on the meaning of aggregate in the policy.
Mark Walters, ARM AAI
West Insurance Group
mwalters@westagy.com
In a nutshell, aggregate means the total paid out for all incidents during the policy period.
In the above example you could have 2 claims during the insured period for $1m each but not 3, as 3 x $1m is more than the aggregate limit.
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In the Commercial General liability what liability exposures has its own aggregate that is separate from the general aggregate?
Premises and operations.
What is General Aggregate limit?
On a general liability policy, the general aggregate is the highest amount that will be paid out in a policy period no matter how many claims. For example, you may have a $1 million per occurrence limit which would mean with a $2 million aggregate, you could theoretically have (2) $1 million claims.
What is class code 96317 for General Liability Insurance -?
Inspection and Appraisal 96317 Companies-Inspecting for Insurance or Valuation Purposes - Products - completed operations for this classification are subject to the General Aggregate Limit
What does in-force policy limit aggregate mean?
One Insurers total liability of a series of policies owned by the same Individual or Company
Per location aggregate?
A "Per location aggregate" is an endorsement added to Commercial General Liability policies which extends separate liability limits for each location as opposed to sharing one limit. For example.... If you have a policy with 2 locations covered with a $1m Occurence/$2m Aggregate limit and you DO NOT have a "Per Location Aggregate" then both locations would share the $1m/$2m limit. If your policy includes a "Per Location Aggregate" Endorsement the both Location #1 and Location #2 would each have separate $1m/$2m limits in the event of a loss.
What is public liability insurance and how is it different from general liability insurance?
General liability covers Public and Producs Liability, therefore by having General Liability cover, public liability is covered also.
What is the cost of 5000000 General liability insurance?
Most insurance companies will write 1,000,000 per occurrence with a 2,000,000 aggregate. If you wanted a total of 5,000,000 you would need a 4,000,000 umbrella/excess liability policy. But to answer your question it depends on the type of risk.
What is the average cost per year of general liability insurance for an independent general contractor in Pennsylvania?
In NJ, for a $2,000,000 aggregate and a $1,000,000 per occurance, we pay about $12,000 a year. That's with a totally clean record and 8 years in business.
What does general aggrEGATE insurance cover?
Aggregate = per year, which generally is the policy period.
Does the general aggregate limit apply to products-completed operations?
Your general liability policy contains three separate limits. A per occurrence limit (Max paid out for any one occurrence) Aggregate (Max pay out for multiple policies on claim) Products and completed ops aggregate (Can reduce amount paid for product or operations claims, to below the other aggregate limit or even the per occurrence limit. Lack of products and completed ops coverage can also be a problem which would show no product and completed ops limit. yes - there is a separate aggregate for products coverage and premises operations.
How much does general liability insurance cost?
The cost of general liability depends on said person's life, lifestyle, and home. General liability covers many public costs and product liability risks.
You are starting a residential cleaning business Should you get general liability insurance or professional liability insurance?
You need a commercial general liability policy.
