What is an aggregate limit of indemnity?
'Aggregate' limit of indemnity is a term used to describe the type of indemnity limit provided by the professional indemnity policy.
'Aggregate' means that the total financial amount of cover provided is limited to the amount of claim or accumulated claims specified in the policy schedule, arising within the specified period of insurance.
For example, if the aggregate limit of indemnity specified in the policy is £ 500,000, then that is the maximum amount the policy will pay during its term. Some policies will cover legal defence costs and expenses in addition to the aggregate limit of indemnity
An alternative and more generous basis of cover is an Any One Claim limit of indemnity.
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