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You should check your specific policy or have a broker do it because per project endorsements can vary from carrier to carrier and be restricted. The answer to your question is yes though, per project CAN override the policy aggregrate, the endorsement should indicate how much by, usually 5x original aggregrate max, etc.
Also this only comes into pla yif the claims happen on seperate projects..it doesnt increase the per occurence or per location aggregrate.
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∙ 10y ago
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Are per project aggregate and per location aggregate the same thing?
No, per project aggregrate applies seperately to each project during the policy period, per location aggregrate applies uniquely to the locations worked at during the policy period. Per location doesnt seem that common...
What is the definition of per project aggregate?
The project agg must be added to a CGL by endorsement. This will provide for the full amount of your per occuerence limit to that project. If your policy limits are set for $1,000,000 per occuerence and a general policy aggregate of $2,000,000 you would be able to use the $1,000,000 limit for the per project aggregate. This is all subject to your carrier approving this type of transaction. However it is very commonly done.
What is Per policy vs per project?
This refers to the "aggregate" limit of your general liability policy. Look at your policy declarations and you'll likely see something like this: General Aggregate: $2,000,000 Prod/Comp Ops Aggregate: $2,000,000 Each Occurence: $1,000,000 Personal/Adv Injury: $1,000,000 Fire Legal Liablity: $100,000 Medical Payments: $5,000 A "Per Policy" aggregate means the most your insurer will pay for the total of all claims during your policy term (usually one year) is the first number - $2M. A "Per Project" aggregate means the insurer will pay the same $2M for all claims that occur from any specific project. Frequently, the "Per Project" endorsement requires that each separate project be listed by name. Expect the insurer to charge you for a "Per Project" aggregate - it greatly increase the amount they could potentially pay during the policy term.
What does general aggrEGATE insurance cover?
Aggregate = per year, which generally is the policy period.
What is Homeowners insurance stated aggregate limit?
Aggregate limits general are referring to the liability portion of the policy, the aggregate limit is a pre-determined dollar amount up to which an insurance policy will cover an insured per year or policy period or accident. As an example, your limit is 100k per person 300k per accident/loss, and 500k aggregate, so each person could get up to 100k per person, but only 300k per accident, and no more than (no matter how many accidents in that policy period) 500k aggregate....clear as mud isn't it? If you have a specific coverage that you are wondering about I would be happy to assit, check your policy for the length of the aggregate amount..should say , 'during policy period or per calendar year etc.''
What does Aggregate mean in general liability?
In a insurance policy, the limit of liability is often expressed as a value per occurrence and a separate value as an aggregate limit. The policy will pay no more than the per occurrence limit for each covered occurrence Further, the pay no more than the aggregate limit for all claims during the policy period. On an insurance policy it would often be expressed as $1,000,000/$2,000,000 occurrence / aggregate The numbers listed above could be replaced by any other number, however the aggregate limit will never be less than the per occurrence limit. Alternatively, the limit could be split between per claim and aggregate instead of per occurrence and aggregate This has no effect on the meaning of aggregate in the policy. Mark Walters, ARM AAI West Insurance Group mwalters@westagy.com In a nutshell, aggregate means the total paid out for all incidents during the policy period. In the above example you could have 2 claims during the insured period for $1m each but not 3, as 3 x $1m is more than the aggregate limit.
What is the limit per project to the commercial general aggregate?
This will vary with the surety company and the state in which you reside. No easy answer.
Per location aggregate?
A "Per location aggregate" is an endorsement added to Commercial General Liability policies which extends separate liability limits for each location as opposed to sharing one limit. For example.... If you have a policy with 2 locations covered with a $1m Occurence/$2m Aggregate limit and you DO NOT have a "Per Location Aggregate" then both locations would share the $1m/$2m limit. If your policy includes a "Per Location Aggregate" Endorsement the both Location #1 and Location #2 would each have separate $1m/$2m limits in the event of a loss.
What is General Aggregate limit?
On a general liability policy, the general aggregate is the highest amount that will be paid out in a policy period no matter how many claims. For example, you may have a $1 million per occurrence limit which would mean with a $2 million aggregate, you could theoretically have (2) $1 million claims.
What does per occurance mean in insurance?
Per occurance means for one event or one incident. Aggregate means the total it will pay out for the entire policy period.
How does commercial general aggregate insurance protect the customer?
The aggregate limit can be higher than the per occurrence limit of the policy, thus providing additional coverage should multiple claims be filed against the insured.
If no aggregate amount is stated on an umbrella policy of years ago is there one Policy states 5mill per occurrence nothing else company says aggregate is 5 mill I cant agree Any recourse?
It appears that 5 mill per occurrence is the consensus in the company, then the best recourse would be to consult a lawyer. A lawyer may help you state your case regarding the umbrella policy years ago.
