Bharti AXA INSURANCE GLOSSARY Aggregate Limit Of Liability The aggregate limit of liability is the maximum total amount that an insurer is obliged to pay to an insured party over a specified period. This caps the amount of losses the insurer will cover in a given period, and is specified clearly in the insurance contract. This limit is typically a part of commercial and professional general liability insurance policies. Aggregate limit of liability does not just limit the pay-out for single loss event, but the liability that the insurer will take on for the entire policy term – typically one year. If the total claims filed by the insured reach the aggregate limit of liability, the policyholder is effectively uninsured from that point on. An insurance policy may involve many different types of claims. Aggregate limit of liability applies to all of them put together. There may also be a separate limit on liability per occurrence, and caps on the sum assured for each type of claim. For example, a medical expense limit applies only to the amount that can be claimed by the policyholder towards medical bills. It is important that a business selects to get the right amount of coverage. If the aggregate limit of liability is low, the business runs a risk of exhausting the same before the policy period ends. On the other hand, select an aggregate limit that is too high and the company would have to fork out higher premium for no added benefits. Request Call Back Category * - Select -CarTwo WheelerHealthTravelPersonal Accident Buy Renew Claim submit Related Posts Disclaimer : The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.