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What does general aggrEGATE insurance cover?
Aggregate = per year, which generally is the policy period.
How does commercial general aggregate insurance protect the customer?
The aggregate limit can be higher than the per occurrence limit of the policy, thus providing additional coverage should multiple claims be filed against the insured.
What is Homeowners insurance stated aggregate limit?
Aggregate limits general are referring to the liability portion of the policy, the aggregate limit is a pre-determined dollar amount up to which an insurance policy will cover an insured per year or policy period or accident. As an example, your limit is 100k per person 300k per accident/loss, and 500k aggregate, so each person could get up to 100k per person, but only 300k per accident, and no more than (no matter how many accidents in that policy period) 500k aggregate....clear as mud isn't it? If you have a specific coverage that you are wondering about I would be happy to assit, check your policy for the length of the aggregate amount..should say , 'during policy period or per calendar year etc.''
What does Aggregate mean in general liability?
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.
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 commercial general aggregate insurance?
There are two limits of commercial liability insurance that you need to consider when purchasing a policy. The first is what the policy will pay max for one loss during the policy term. This is called the Occurrence limit. The second is what the policy will pay out max for multiple losses. This is called the Aggregate limit. For example a policy may have a $500,000 occurrence limit with a $1,000,000 aggregate limit. This would mean that the policy would pay out a max of $500,000 for any one claim during the policy term and they would pay out a max of $1,000,000 total for all claims during the policy period. Your state insurance department is your best resource for insurance-related questions and concerns. Find information on insurance companies and agents, rate quotes and comparisons, insurance buying tips, claims filing information and much more! State Insurance Department websites: Visit the Related Links for a link to the site.
What policies are offered by General American Life Insurance?
There are many policies offered by General American Life Insurance. These include the Variable Life Insurance policy, the Condo Insurance policy and the Boat Insurance policy.
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.
This form of insurance is also called as a success protector policy?
General liability insurance, or umbrella policy
What are the Advantages of general insurance policy?
An insurance policy gives you peace of mind. If you get sick, the insurance policy will help make sure you are able to pay your medical bills.
What is the object of general insurance?
The main objective of general insurance is to provide insurance coverage for non life products. This may vary from medical insurance to fire & burglary, marine insurance, shopkeepers policy, householders policy and so on.
What is no limit to the commercial general aggregate?
this means that the ins co. will cover all the accidents during this policy period
