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.
Guides that use it
Articles that explain it
How to Describe a 3D Modeling or Mapping Business on an Insurance Application Why Did My Renewal Go Up? How Design-Firm Premiums Are Calculated Your Client Wants $5M and You Carry $2M: Options for One Project The Insurance Section of Your Contract, in Plain English Can I Buy Less Cyber and Lean on My Umbrella? You Wired Money to a Scammer. Which Policy Pays?
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.
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