However, I frequently get asked, “how does the per person and per accident or occurrence limit on an insurance policy work?” For those who do not regularly deal with insurance companies, seeing numbers like 10/20, 25/50, 50/100, and 100/300 on an insurance disclosure can be confusing, especially in a wrongful death case such as this one where there is a claim for the decedent and the surviving family members.In a nutshell, the first number is always the per person limit and applies to each person who actually suffers an injury as a result of an accident. In the insurance industry, the language in your insurance policy counts. The per-accident limit applies to each accident in which multiple people are injured. Other person’s vehicle – $35,000 (the property damage limit of $50,000 per occurrence is not exceeded) Liability Limits and Court Costs The cost your insurer pays to defend you in any court case, which can actually cost more than the final settlement, is in addition to any resulting liability damages awarded to the other party. The second number, or per accident limit or per occurrence limit, is the maximum payout that the insurance company will make regardless of the number of people injured as a result of an accident.In this particular case, Lewis (through his estate) had a claim for $100,000, which was the per person policy limit for bodily injury liability. The content on EKinsurance.com is for informational purposes only and not intended to provide any financial or legal advice.what the difference between per occurrence and aggregate liability limits?
This is my it is vital that you you have both your per occurrence and aggregate limits high enough to protect your business - and often an excess liability policy or commercial umbrella is needed to do that.There are certain expenses that can be classified by the general liability policy as supplementary payments, that do not count toward the limits of liability.
A per occurrence limit can sometimes be referred to as "any one claim," "per claim," and "each and every claim. Below is in example of commercial general liability policy's limits of insurance as listed on the declarations page:This is a common and potentially very costly misunderstanding.
The insurer moved for summary judgment and argued that a single per person limit applied to both Mark’s injuries and Melanie’s loss of consortium resulting therefrom. Choosing an attorney is a big decision for you and for your case. This is actually a difficult question for a personal injury attorney to answer. The decision that you make today can make a big difference in the future for you and your family. "Per claim" or "Per occurrence" deductible wording: This is a slightly more exotic solution that allows the policyholder to elect which basis on which the deductible applies, on a claim-by-claim basis. Liability insurance won't cover you if you injured someone on purpose or if the person was injured on your property, but it's not your fault.
Some examples are fees fro bonds, prejudgment interest and expenses for legal defense. Suppose your per-accident limit is $100,000. So if the costs of judgments, expenses and legal fees of all claims made against you within the term of the policy reach you aggregate limit, then the insurance will no longer pay - because the policy coverage will have been exhausted.Think of an aggregate limit as similar to a piggy bank. A person-time rate is generally calculated from a long-term cohort follow-up study, wherein enrollees are followed over time and the occurrence of new cases of disease is documented.
So if your business was found liable for an accident that caused bodily injury or property damage to a third party for a sum of $800,000 - the policy would pay for that amount, less any deductible.
Choosing a good personal injury attorney in today’s environment, with non-stop advertising, is not an easy task. An occurrence in a general liability policy is usually defined as an incident or a series of incidents that give rise to bodily injury or property damage resulting in a claim against the insured. Car insurance policies with Per Occurrence Limits provide more comprehensive coverage.
If the policy is made on a… I have searched the internet and found the top 10 questions, based...Reasons To Go With Us Over The Competition
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