What is covered under products-completed operations aggregate?
What is covered under products-completed operations aggregate?
The total amount of coverage offerend under a products and completed operations insurance policy, which covers companies for claims and lawsuits related to injury, illness or property damage caused by their product or service.
What does ops mean in insurance?
Completed operations liability is an insurance coverage typically included on most commercial general liability (CGL) policies. It pays for damages caused by your work that occur after you complete a job. This coverage is most often utilized by construction companies.
How does aggregate insurance work?
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. Insurance policies typically set caps on both individual claims and the aggregate of claims.
Is General Aggregate insurance the same as general liability?
What Is the Difference Between General Liability and General Aggregate? General liability describes the type of insurance policy you have. Your general aggregate is the maximum limit of coverage supplied by your general liability policy within the term.
What does COMP op AGG mean?
Products Liability or Completed Operations Aggregate
“Products – Comp/Op Agg” means “Products Liability or Completed Operations Aggregate”, and is the most that the policy will pay for all claims arising out of the Insured’s defective products or work.
Who needs completed operations coverage?
Completed operations insurance covers a contractor’s liability for property damage or injuries to a third party once contracted operations cease. Construction products and the manufacturing of consumer goods and medicines will usually carry completed operations insurance.
What does products-completed operations aggregate limit mean?
The products-completed operations aggregate is the maximum amount of money your policy will pay for products or completed operations liability claims.
What is a aggregate claim?
The maximum amount of money your insurer will pay for all the claims you file during the policy period, typically one year, is known as your aggregate limit. Aggregate limits are distinct from per-occurrence (or per-claim) limits. These refer to the maximum amount an insurer will pay for a single claim or incident.
How does an aggregate deductible work?
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 does aggregate coverage mean?
Aggregate — (1) A limit in an insurance policy stipulating the most it will pay for all covered losses sustained during a specified period of time, usually a year.
WHAT IS products and COM op AGG?
PRODUCTS-COMP/OP AGG refers to the completion of products and completed operations, this is especially important for manufacturers and contractors. For a claim to be covered under PRODUCTS-COMP/OP AGG coverage the bodily injury or property damage must result from a product or operation of the insured.
What is personal & Adv injury?
Personal and advertising injuries. Personal and advertising injuries are typically infringements on a person or business’s personal or intellectual rights. Examples include libel, slander, and copyright infringement.