The Commercial General Liability Insurance Business Automobile Insurance and Excess Public Liability Insurance policies shall name the other Parties, their parents, associated and Affiliate companies and their respective directors, officers, agents, servants and employees ("Other Party Group") as additional insured.
Related to Type of Coverage Minimum Limits Commercial General Liability
So the only way to satisfy the above example is to buy a $2,000,000 Commercial Umbrella policy. As you can see the math does not work well if 2M/4M are your insurance limit requirements: Limit TypeĬontractually you can meet the OCCURRENCE limit but not the AGGREGATE limit. So, a $ 1,000,000 Umbrella policy would look like this 1M/1M. If neither of those fit then price a Commercial Umbrella Liability policy which are usually written with the same occurrence and aggregate limits. Second option is to find another insurance company that can offer those types of limits. Your first option is ask your current insurance company if they offer 2M/4M limits. I have limits of 1M/2M and I need limits of 2M/4M The typical General Liability policy is written 1M/2M limits with some companies writing the 2M/4M limit as the primary layer of insurance. We are seeing more and more insurance limit requirements that stipulate $2,000,000 per occurrence and $4,000,000 aggregate (2M/4M). Typical limits in a contract require a minimum of $1,000,000 per occurrence and $2,000,000 aggregate (1M/2M). Completed Operations is a term that fits more with businesses that build or fix things. The Product and Completed Operations Aggregate applies to occurrences that stem from your PRODUCT. These would be occurrences that stem from your premise (slip and fall) or operations in general. The General Aggregate will apply to NON PRODUCT related occurrences. The next two limits refer to the aggregate amount an insurance contract will pay for occurrences during the policy period. This coverage is a topic all in its own so I will not go into depth here. The next item is the maximum amount paid for “Personal and Advertising Injury” on a per occurrence basis. Remember, this is for bodily injury and property damage for which your business is liable. The first limit in the list is simply the most the policy will pay for any one occurrence. Products & Completed Operations Aggregate Often you will see the primary liability insurance limits written like this: 1.īodily Injury & Property Damage Occurrence Limit Product/Completed Operation Aggregate: Most that will be paid for PRODUCT/COMPLETED OPERATIONS liability occurrences in one policy year Insurance Limit Types Product/Completed Operation: Your product or service after ownership is transferred to others (simplified) General Aggregate: Maximum insurance limit paid for NON PRODUCT liability occurrences in one policy year
Property general liability and pet weight limit series#
Occurrence: An event or series of related events (simplified explanation but sufficient for this topic)Īggregate: Maximum insurance limit any POLICY YEAR Need product liability insurance? Contact Us for More Information on Food and Beverage Insurance or To Request a Quote Insurance Limit Terms
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