Policy Terms
Aggregate Limit
Definition
The maximum total amount an insurance company will pay for all covered claims during a single policy period. Once the aggregate limit is reached, no further claims will be paid until the policy renews.
In Zach’s Words
“The aggregate limit is your total budget for the year. If you have a $2 million aggregate and you've already had $1.8 million in claims, you only have $200K left for the rest of the policy period. It's different from per-occurrence limits, which cap individual claims. Think of it as the yearly spending limit on your insurance credit card.”
— Zach Nadler, CIO