Aggregate product liability limit

Aggregate product liability limit,

Definition of Aggregate product liability limit:

  1. The aggregate product liability limit is a set dollar amount on a property or liability policy which an insurance company will not be required to pay above. The amount remains unchanged, no matter how many claims are made per period, as long as neither the dollar amount nor time period have been exceeded.

  2. The maximum amount an insurance company will pay out to a policy holder of product liability insurance coverage, regardless of the amount of claims made during the effective period.

  3. The aggregate product liability limit is the maximum payout an insurance company will make during the life or term of an insurance product.

Meaning of Aggregate product liability limit & Aggregate product liability limit Definition