What is the difference between per occurrence and combined single limit?
Asked by: Dr. Okey Trantow | Last update: October 7, 2025Score: 4.2/5 (52 votes)
What does combined single limit mean?
combined single-limit policy. A split-limit policy breaks your bodily injury and property damage coverage limits into three separate components, while a combined single-limit policy merges them so you have one limit for both bodily injury and property damage. This amount usually falls between $300,000 and $500,000.
What does per occurrence limit mean?
Per occurrence limit is the maximum amount the insurer will pay for all claims resulting from a single occurrence, no matter how many people are injured, how much property is damaged, or how many different claimants may make claims.
What is combined single limit for each occurrence?
The combined single limit refers to a maximum amount of money that's paid out for claims that involve all aspects of bodily injury and property damage. The limit would cover all people involved in the accident or the claim (other than the insured). The maximum amount of coverage would be split between those injured.
What is the difference between per occurrence and per claim?
A claims-made policy only covers those that occur and are reported within the policy's timeframe, unless tail coverage is also purchased. An occurrence policy provides lifetime coverage for incidents that take place during a policy period, regardless of when the claim is reported.
Jargon, Busted: Combined Single Limit vs. Split Limit
Which is better, occurrence or claims-made?
In short, occurrence-based policies provide ample coverage as long as you keep renewing them. For this privilege, you'll generally pay more than you would for claims-made policies. With claims-made policies, the amount of coverage you purchase must last for as long as you keep your policy.
What is an example of a per occurrence deductible?
Common examples of per-occurrence deductibles are auto insurance or homeowners' insurance deductibles. With these types of plans, you often have to pay a full deductible — such as $400 — every time you file a claim with your insurance company.
Which is better, split limit or CSL?
With a split limit policy, the coverage for property damage may be limited, potentially leaving you responsible for covering the remaining costs out of pocket. However, a CSL policy would provide a larger pool of funds to address the property damage, ensuring adequate coverage without exhausting separate limits.
What is the $500,000 combined single limit?
500 CSL stands for $500,000 combined single limit, which means having one lump sum of $500,000 for liability coverage. A combined single limit policy lets you spend up to your policy limit on any and all damages caused by an at-fault accident.
What is the meaning of each occurrence?
Each occurrence means the maximum liability of the Insurer for the sum of all damages because of bodily injury, property damage or personal injury directly or indirectly arising out of or on account of, resulting from or relating to "abuse" in any one "occurrence".
What does $300000 per occurrence mean?
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.
How does a per occurrence deductible work?
a per-claim insurance. A per occurrence deductible is like most auto or homeowners insurance you might be familiar with; you pay the $500, and that's the max you'll pay when something happens. But if your deductible is per claim, that means a separate deductible gets applied to every claim filed in a single occurrence.
What does 1000000 2000000 insurance mean?
This means that, in this example, individual claims have a limit of $1,000,000 each, while the total policy coverage for all claims made against you within the term of your policy will not exceed $2,000,000 total.
What is 300 000 combined single limit?
With a CSL policy limit of $300,000, all the costs would be covered, as the medical expenses for both injured people and the cost of repairing or replacing the vehicle adds up to $269,000—which is within the policy limit.
What is the per occurrence limit?
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 combined credit limit mean?
Combined Credit Limit means the aggregate maximum amount the Principal Cardholder and the Supplementary Cardholder (if any) are entitled to have outstanding on the Card Account as specified in the Statement.
What does is mean if the coverage limits are $250000 $500000?
The $250,000 amount refers to per person, $500,000 per accident, and $100,000 for property damage. In other words, the most your insurance company will pay out for one person's injuries is $250,000 (per person), if multiple people are injured $500,000 (per accident), and any property damage $100,000.
How much does Progressive pay for bodily injury?
Bodily injury liability per person: $25,000 is the maximum amount your insurance company would pay out for injuries you're liable for, per person. Bodily injury liability per accident: $50,000 is the maximum amount your insurer would pay out for injuries you're liable for, per accident.
What is the current limit for deposit insurance is $250000 per account?
Deposits are insured up to at least $250,000 per depositor, per FDIC-insured bank, per ownership category. Deposit insurance is calculated dollar-for-dollar, principal plus any interest accrued or due to the depositor, through the date of default.
Is combined single limit the same as aggregate?
No. Combined single limit is the maximum amount your insurer will pay for all components of a single claim. In a sense, it's a different type of per-occurrence limit. Your aggregate describes the total limit of your policy's coverage for a determined amount of time.
How much life insurance should a person with an $80000 annual income purchase using the 7 70 method?
The 7/70 method suggests that a person with an $80,000 annual income should have life insurance coverage between $560,000 and $800,000.
How long does Progressive take to settle an injury claim?
There is no exact timeframe that Progressive takes to send a settlement check. Often, after a settlement has been reached, an accident victim can expect to receive their settlement check within six weeks of the agreement.
Is per claim or per-occurrence better?
Typically for the first five years of coverage, claims made policies tend to be less expensive than occurrence policies. But keep in mind that as your business faces more exposures, your premiums will increase; usually, after five years, the cost of a claims-made policy begins to even out with occurrence policies.
What is a per-occurrence deductible?
Most property insurance policies contain a per-occurrence deductible provision that stipulates that the deductible amount specified in the policy declarations will be subtracted from each covered loss in determining the amount of the insured's loss recovery.
What is the per-occurrence amount?
Your insurance policy's per-occurrence limit is the maximum amount of money you'll get to cover a single incident. In comparison, your policy's aggregate limit is the highest amount of money the insurance company will pay you for all claims made during your policy period (usually one year).