Split Limits Coverage
Definition of "Split limits coverage"
Technique for expressing limits of liability coverage under a particular insurance policy, stating separate limits for different types of claims growing out of a single event or combination of events. Coverage may be split (limited) per person, per occurrence, between bodily injury and property damage, or in other ways. Property damage liability is listed with a limit per accident. For example, a policy with split limits quoted as $100,000/$300,000/ $25,000 would provide a maximum of $100,000 bodily injury coverage per person, $300,000 total bodily injury coverage per accident, and $25,000 total property damage liability coverage per accident.
Popular Insurance Terms
Coverage for musicians and other providers of musical services such as musical instrument dealers. Musical instruments, service equipment, and sheet music are insured on an all risks basis ...
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Single policy under which individuals in a natural group (such as employees of a business firm) and their dependents are covered. ...
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Correction of a contract containing a mistake in order to prevent a party to that contract from gaining from that mistake. For example, if $1,000,000, instead of the correct amount of ...
Extension of coverage available under the Standard Fire Policy. The standard policy only covers the perils of fire and lightning. The endorsement covers riot, riot attending a strike, civil ...
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