Limits Of Liability Insurance

Limit of liability definition is the maximum amount for which an insurance company may be held liable under a given policy. For example a car insurance company might only allow up to 500 000 of liability coverage. An insurance policy stipulates exactly how much it covers for various problems including liability.

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A general aggregate limit of liability applies to all types of liability claims that the policy covers such as property damage.

Limits of liability insurance. Extra liability coverage would require paying more. An insurance policy may have several different types of limits. I have limits of 1m 2m and i need limits of 2m 4m. In both homeowners and renters insurance there s something called special limits of liability.

The typical general liability policy is written 1m 2m limits with some companies writing the 2m 4m limit as the primary layer of insurance. This refers to limits on specific types of valuable items you may own like your jewelry watch bike money electronics etc. The first two numbers in 25 50 20 mean that in an accident each person injured would receive a maximum of up to 25 000 with a maximum limit of 50 000 per accident. Insurance companies also set a limit on how much liability coverage they provide.

The first two numbers refer to bodily injury liability limits and the third number refers to the property damage liability limit. Your first option is ask your current insurance company if they offer 2m 4m limits. In general valuable items like these are insured up to around 2 500 and on some premium policies 5 000.