What does per location aggregate mean?
If the general aggregate limit is on a “per location” basis, that means it will apply to each location of the policyholder. This typically is used by owners of buildings and retail stores since they have many different locations and they want aggregate limits for each location.
What does General Aggregate Limit mean?
The general aggregate limit of liability refers to the most money an insurer can pay to a policyholder during a specified period. These limits are contained in the contracts of commercial general liability (CGL) and professional general liability insurance policies.
What does a commercial general liability policy cover?
A Commercial General Liability (CGL) policy protects your business from financial loss should you be liable for property damage or personal and advertising injury caused by your services, business operations or your employees. While visiting your business, a customer trips on loose flooring and is injured.
What is a medical expense limit on an insurance policy?
Medical Expense Limit Medical Expense coverage is a type of “no fault” insurance. This coverage will pay reasonable medical bills of third parties who are injured on your premises or by your operations, subject to the per person limit listed on the policy.
What does per project aggregate mean?
A “Per Project” aggregate means the insurer will pay the same $2M for all claims that occur from any specific project. Frequently, the “Per Project” endorsement requires that each separate project be listed by name.
What is an insurance waiver of subrogation?
A Waiver of Subrogation is an endorsement that prohibits an insurance carrier from recovering the money they paid on a claim from a negligent third party. An Owner Client may require this endorsement from their vendors to avoid being held liable for claims that occur on their jobsite.
What does aggregate mean for insurance?
An aggregate limit is a maximum amount an insurer will reimburse a policyholder for all covered losses during a set time period, usually one year. Health insurance plans often carry aggregate limits.
What does aggregate mean in health insurance?
Aggregate deductibles are often used in family health insurance policies and under them. An aggregate deductible means that the entire family deductible must be paid out of pocket before the company pays for services for one family member.
What is excluded from a commercial general liability policy?
Contractual Liability “Bodily injury” or “property damage” and “personal and advertising injury” are excluded under the CGL policy. However, for “bodily injury” and “property damage”, there is coverage for tort liability including damages and defense costs for the indemnitee (if agreed to in the contract).
Is general liability the same as commercial?
What Is General Liability Coverage? Unlike commercial property coverage, general liability only provides coverage for damage and injuries your business causes to a third party. It does not cover damage to your business’ own property or injuries to your employees.
What happens when your medical bills exceed policy limits?
If your medical bills exceed the defendant’s auto policy limit, the defendant is still legally liable for the full amount of your damages. Also, if your medical bills still exceed the defendant’s auto policy limits, you can look to your own uninsured and underinsured motorist policy, or your health insurance.
Do I need med pay if I have health insurance?
Health insurance typically pays for medical expenses, but some policies exclude injuries related to a car accident. But you’ll have to check if it’s worth paying for both types of policies. If you don’t have a deductible and your health insurance covers car accidents, then you don’t need MedPay.
What does the word 2m mean in English?
2M means “Tomorrow.” 2M is commonly used for brevity in internet chat forums and text speak to mean “Tomorrow.” Of note, 2M can also refer to “2Moons,” which was a fantasy Massively Multiplayer Online Game (MMOG) adapted for Western audiences from the Korean game “Dekaron.” Summary of Key Points
Why was the 2m rule changed to 1m?
Reducing from 2m to 1m would allow more people to return to work and increase businesses’ capacity. With a 2m rule in place, it is not financially viable for many businesses to operate.
Which is worse 2m or 1m distancing?
There is evidence that the risk of transmission increases by 2-10 times at 1m compared to 2m and the potential for higher occupancy at 1m distancing will also increase risk if there are no mitigations. However, mitigations may reduce the level of risk at 1m so that it is broadly equivalent to being 2m apart.
Is there transmission risk at 2m or 1m?
And, the transmission risk at 2m is small. For this reason, it is vital that businesses take precautions to reduce the level of transmission risk at 1m so that it is broadly equivalent to being 2m apart. So that everyone can stay safe.