What are my coverage limits?
Your coverage limit is the maximum amount of money an insurer will pay toward a covered claim. There are two types of limits on your occurrence liability policy: a per occurrence or per claim limit and an aggregate limit. The per occurrence limit provides the most that the company will pay for all claims that are made arising from a single occurrence under your policy, no matter how many claims are made. The aggregate limit is the most that the company will pay in a policy year regardless of how many claims are made or for how many those claims may be made. That’s why it is important to select the right limits. If higher coverage limits are selected, it will impact premium.
1. Liability Limits: The limits available for both General and Professional Liability are $1,000,000 or $2,000,000. The aggregate limit and the occurrence limit are the same on policies arranged through Thimble.
2. Customer Property Protection Limit: This is the maximum amount the insurer will pay in respect to customer’s property that is in your care, custody or control or that you are working on. The sub-limits available are $1,000 or $2,500.
3. Business Equipment Limits: This is the maximum amount the insurer will pay for damage to property that you own and is used for your business operations. The limits available are $1,000, $2,500 or $5,000. Please note, a $500 deductible will apply to each loss.