What does per-claim and in the 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 …
What does any one occurrence and in the aggregate mean?
An ‘any one claim’ policy provides cover up to the full limit for each individual claim made in the period of insurance, whereas an ‘aggregate’ policy provides cover up to the full limit for all claims made in the period of insurance.
What does in the aggregate mean in insurance?
‘Aggregate’ means that the total amount of financial cover provided is limited to the amount specified in the policy schedule, arising within the specified period of insurance.
What is the difference between aggregate and occurrence?
An occurrence limit is the maximum amount your insurer will reimburse you for one covered incident or claim. The aggregate limit is the maximum amount your insurer pays for all covered claims over the term of your policy.
What is the difference between per claim and per occurrence?
On an occurrence basis, the event that caused the loss is the “occurrence,” therefore, one deductible applies. On a per claim basis, one event may involve multiple claimants; therefore, a separate deductible applies to each party to the claim.
What is a aggregate claim?
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 is the difference between per accident and per occurrence?
Generally, per accident and per occurrence mean the same thing. One occurrence is a single, uninterrupted cause that can result in one or a number of bodily injuries or property damage.
What does per person per occurrence mean?
Per Occurrence Limit In liability insurance, the maximum amount the insurer will pay for all claims resulting from a single occurrence, no matter how many people are injured,…
What is an aggregate amount?
1 : a mass or body of units or parts somewhat loosely associated with one another Froth is an aggregate of tiny bubbles. 2 : the whole sum or amount : sum total spent an aggregate of 10 million dollars in advertising during the past three years.
What does per-occurrence mean in insurance?
The per-occurrence limit is the most your insurance company will pay for a single covered loss under the terms of your policy.
What does limited in the aggregate mean?
What does “in the aggregate” mean? 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.
What is per occurrence?
Many small business insurance policies limit the amount of money they’ll pay for a single incident. This amount or cap is known as a per-occurrence limit. Third-party liability policies (policies that cover lawsuits from people outside your business) usually have a per-occurrence limit.
What does deductible per event mean?
Deductible defined A deductible is the amount of money that you are responsible for paying toward an insured loss. When a disaster strikes your home or you have a car accident, the deductible is subtracted, or “deducted,” from what your insurance pays toward a claim.
What is the difference between per occurrence and per claim?
What does 2000000 aggregate mean?
In the case of our example, the roofing business may have a $2,000,000 aggregate limit with a $1,000,000 per occurrence limit. This means that the insurance company will only pay up to $1,000,000 for the damage for that incident.
Is per claim and per occurrence the same?
On an occurrence basis, the event that caused the loss is the “occurrence,” therefore, one deductible applies. On a per claim basis, one event may involve multiple claimants; therefore, a separate deductible applies to each party to the claim. For example, let’s say you’re a manufacturer of hoverboards.
What is meant by all in aggregate?
What exactly is “all-in” aggregate? The British use this term frequently. It refers to aggregate containing a proportion of material of all sizes from a pit, river bed, crushing plant or other source. Requirements are the same as for fine and coarse aggregate separately except with regard to grading.
What does the aggregate mean on a liability policy?