What does aggregate limit mean in insurance?
Distinct from a per-claim limit, which states the amount an insurer will pay for each individual claim made during the policy period, the aggregate limit is the maximum amount an insurer will pay for all such claims made against the insured during the policy period, no matter how many separate claims might be made.
What does it mean if an insurance policy has an aggregate limit of $1 million?
Your insurance policy's aggregate limit spells out the maximum amount of money the insurer will pay for all covered losses during your policy period. After you reach your aggregate limit, the insurance company will not cover any additional claims made in that period, which is typically one year.
What does general 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.
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