Loss Limit
A property insurance limit that is less than the total property values at risk but high enough to cover the total property values actually exposed to damage in a single loss occurrence.
What are the 2 types of losses in insurance?
Direct Loss Insurance and Indirect Loss Insurance Coverage\n\n Business insurance policies will usually specify that they cover "direct losses" and physical loses in the case of damage caused by a disaster.
What is first loss limit in insurance?
A first-loss policy is a type of property insurance policy that provides only partial insurance. In the event of a claim, the policyholder agrees to accept an amount less than the full value of damaged, destroyed, or stolen property.
What does single loss limit mean?
Single Loss Limit means the maximum amount which the Insurers will pay in respect of any occurrence or series of occurrences of loss destruction or damage arising out of one cause.