Limits of Liability
The most the policy will pay: per claim, and in total for the policy period (the aggregate).
What it means for your firm
Professional liability is usually shown as two numbers, such as $1M per claim and $2M aggregate.
Contracts often set minimum limits. Those are a starting point, not always the right limit for your firm.
Articles that explain it
Why Would an E&O Policy Require You to Maintain General Liability Insurance? What Is an Extended Reporting Period (Tail) on an A&E Professional Liability Policy? Can Geotechnical Mistakes Turn Into Professional Liability Claims? Who Is Responsible When a Senior Engineer Fails to Review a Junior Engineer’s Design? Can a Civil Engineering Mistake Become a Professional Liability Claim? Can a Structural Engineer Be Sued for a Problem They Didn’t Cause?
General definition for education only. It is not an interpretation of any policy or contract, and it is not legal advice. The wording of your own policy and contract controls. Policies and definitions vary by insurance company.
Talk to a specialist
Tell Us About Your Firm. We’ll Tell You What We See.
Starting out or renewing, with a policy in hand or not. If something is worth discussing, we’ll call. If not, we’ll say so.