An occurrence is a loss, or a claim filed on the policy.
Per Occurrence in insurance means its time an event occurs. Consumers often see this on auto insurance, when they find out the deductible amount they will pay each time they have a wreck.
Each occurence means that the liability limit of your policy doesn't have an accured limit. Every time you have an accident, the policy limits are available (i.e. each occurence).
Property and liability (P & L) insurance
Professional Liability Insurance (also known as Errors and Omissions Insurance) insures businesses with the defense they need if a dissatisfied client makes a claim against it.
This is when two parties in a contract cannot sue each other over the same event. They indemnify each other.
This is when two parties in a contract cannot sue each other over the same event. They indemnify each other.
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.
A public liability is a form of insurance purchased by businesses. This insurance protects a company from lawsuit in the event a consumer is harmed as a result of their actions.
The term 'excess' insurance is usually for liability coverage. An excess liability policy is also commonly referred to as an 'umbrella' policy because it offers additional coverage over other liability coverages. In the case of a subcontractors insurance, it would be a policy which would extend higher limits than the base policy on general liability and auto liability.
Cover what? If you mean the damages to each others vehicles it will depend on the liability statute of your state, please clarify your question.
Allocated Loss Adjustment Expense
If you mean like home or auto insurance, then yes in a sense. There are several types of insurance that can be taken out for a person. These are health, liability, medical, long and short term disability, and life (death) insurance. Each pays in different ways according to the policy or contract agreed upon.