What is total limit of liability?
The limit of liability is the maximum amount that an insurance company pays for a specified loss, such as damage to your home or property, or accusations that you caused someone else harm.
Is limit of liability the same as deductible?
Deductibles only apply to certain coverages, such as comprehensive and collision, and typically range from $100 to $1,000. A policy limit (or limit of liability) is the maximum amount your insurance company will pay for any claim covered under your policy.
What is higher limit of liability?
Related Definitions\n\n Maximum Limit of Liability means the amount stated the Schedule which is the maximum amount payable under this Policy for every Loss and for all Losses occurring during the Policy Period.
What is a limit amount in insurance?
A limit is the highest amount your insurer will pay for a claim that your insurance policy covers. Think of it this way: It's like filling up a fishbowl. If you file a covered claim, your insurance policy will pay up to a certain amount. You're responsible for any expenses that exceed the limit.