Aggregate Product Liability Limit
Barron's Insurance Dictionary:
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Aggregate Products Liability Limit
Maximum sum of money that the insurance company will pay, during the time interval that the product liability insurance coverage is in effect, for all product liability-related claims arising that are covered under the policy.
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Investopedia Financial Dictionary:
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Aggregate Product Liability Limit
The maximum sum of money that an insurance company will pay during the time interval that the product liability insurance coverage is in effect. The aggregate product liability limit remains unchanged no matter how many claims are made per period.
Investopedia Says:
Aggregate limit is the dollar amount of coverage in force under a property damage policy or a liability policy. This maximum can be on an occurrence basis or for the life of the policy. If there is an expensive occurrence that reaches the liability limit early in the policy year, there is no protection available for the rest of the year. All losses occurring once the limit has been met are paid out of pocket.
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Barron's Insurance Dictionary
Dictionary of Insurance Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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