'Aggregate Limit of Indemnity'

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 financial amount of cover provided is limited to the amount of claim or accumulated claims specified in the policy schedule and 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.

An alternative basis of cover is Any One Claim.