At PSIC, when an insurance policy is arranged on an aggregate basis, this means that the limit of indemnity is the total amount that the insurer will pay out over the policy period (usually one year) for multiple claims. The total appears on the declaration page.

All expenses are paid within that limit, and once the limit of indemnity has been reached, your insurance company will not indemnify any future demands for the remainder of the period.

This approach provides policyholders with a clear understanding of the maximum coverage available for multiple claims during the policy term. It allows businesses to assess their risk exposure and make informed decisions about their insurance needs.

By knowing the aggregate limit of indemnity, businesses can plan and budget accordingly, ensuring that they have adequate coverage throughout the policy period. It also incentivizes insurers to manage their risks effectively and take necessary precautions to minimize the likelihood of multiple claims that could exhaust the aggregate limit.