What is a per location aggregate?
Asked by: Amiya McClure DDS | Last update: December 2, 2025Score: 4.6/5 (59 votes)
What does "aggregate" mean on my insurance policy?
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 does 2000000 aggregate mean?
The big bucket represents your general aggregate limit, which is the maximum the insurance company will pay, regardless of claim quantity. The big bucket can fit up to $2 million worth of liability, regardless of the number of claims. As a liability claim happens, it will begin to fill up a small bucket.
What is the difference between per claim and aggregate?
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 per location mean?
LOCATION: Per location aggregate limits applies only to those locations that are owned or rented by the named insured/policyholder and will always exclude worksite project locations. This coverage would extend to the main office, satellite offices, retail locations, warehouses, etc.
What Is A Per Project Aggregate Endorsement?
What is per location aggregate?
If the general aggregate limit is on a “per location” basis, that means it will apply to each location of the policyholder. This typically is used by owners of buildings and retail stores since they have many different locations and they want aggregate limits for each location.
What does general aggregate mean for insurance?
The general aggregate limit of liability refers to the most money an insurer can pay to a policyholder during a specified period. These limits are contained in the contracts of commercial general liability (CGL) and professional general liability insurance policies.
What does each claim and in the aggregate mean?
In the event the total value of a single covered claim exceeds this amount, an insured would be responsible for the amount above the “Each Claim” limit on such claim. The “Aggregate” amount represents the maximum an insurance company will pay for all covered claims during a specific policy period.
What is 1000000 aggregate insurance?
Let's say you have a $1 million aggregate limit for your general liability coverage, also known as commercial general liability (CGL) insurance. That means the $1 million limit is the maximum amount your insurance will pay for claims during the policy term.
What does aggregate amount mean?
noun. a sum, mass, or assemblage of particulars; a total or gross amount: the aggregate of all past experience.
What does 5 million aggregate mean?
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.
How is your aggregate calculated?
- To summarise, this is how to calculate your MDCAT aggregate score:
- MDCAT Formula = ([SSC Marks/1100] x 0.1) + ([FSC Marks/1100] x 0.4) + ([MDCAT Score/200] x 0.5)
What is an aggregate value in real estate?
Aggregate Market Value means, as of any date of determination, the sum of the Market Value of all Financed Rental Properties using the most recent Market Value obtained or determined pursuant to the definition of Market Value.
What is the purpose of aggregation in insurance?
Aggregation allows more than one loss covered by the same policy to be treated as a single loss when applying policy deductibles or limits.
What are aggregate benefits?
Aggregate Benefit means the combined total Benefits available to a Member and his or her beneficiaries.
How to calculate aggregate limit?
Policy Aggregate Calculation: For a business with a policy aggregate limit of $5 million. If, during the policy period, there are three separate incidents with claims of $2 million, $1.5 million, and $1.8 million, the policy will cover all three incidents, totaling $5.3 million.
How much does a $1 million dollar umbrella policy cost?
Umbrella policies typically start at $1 million in liability coverage. According to an ACE Private Risk Services report noted by Forbes, the average cost a $1 million personal umbrella policy is $383 per year for an individual with one home, two cars, and two drivers.
What is maximum aggregate payout?
Aggregate payout limit means a maximum table payoff amount that will be paid to two or more patrons as the result of winning wagers on any single call of the lottery scheme or hand of play.
What are aggregates in insurance?
An aggregate limit is a maximum amount an insurer will reimburse a policyholder for all covered losses during a set time period, usually one year.
What does per aggregate mean in insurance?
Per-occurrence limits define how much a policy will pay for any one incident or claim. Aggregate limits define how much a policy will pay over the policy's duration. (Most general liability policies have durations of 6 months or 1 year.)
What is the aggregate claims rule?
Aggregation. 1) Plaintiff may aggregate any claims against defendant to meet total. 2) Multiple plaintiffs cannot aggregate; each must meet minimum. 3) Plaintiff can aggregate claims against mulitple defendants if the claim is "joint."
What does aggregate mean in insurance deductible?
Key Takeaways. Aggregate deductibles are often used in family health insurance policies and under them. An aggregate deductible means that the entire family deductible must be paid out of pocket before the company pays for services for one family member.
What is an example of $1 million per occurrence $2 million aggregate?
For example, if you have a GLI policy with a $1 million per-occurrence limit and a $2 million general aggregate limit and you file a claim valued at $1.1 million, your insurance would pay the $1 million because of the occurrence and your business would likely pay the remaining $100,000.
What is 3 million aggregate insurance?
The $3 million 'aggregate' limit you see on your certificate of insurance means it will pay up to $1 million per claim, not to exceed $3 million in claims per year.
What is the aggregate premium in insurance?
Aggregate Premium means the Premium required for all Members. Aggregate Premiums are shown on all Premium Statements. Application means the Employer enrollment form. It serves as the signature page of this Policy.