LIABILITY – This coverage provides liability protection for losses arising from alleged bodily injury and property damage.
EACH OCCURRENCE – The “main” limit on the policy. This is the limit per claim/damage regardless of the number of injured parties. Includes injuries to bodies, property & settlements. Defense costs are paid outside of this limit.
PERSONAL & ADVERTISING INJURY – Coverage for the claim of damages against character, reputation, libel, slander and advertising.
GENERAL AGGREGATE – The total limit of all separate claims
MEDICAL PAYMENTS – A “no fault” coverage. This is not designed to be the source of a severe injury claim, just simple medical expense claims that can be settled/solved for little with minimal investigation.
PRODUCTS/COMPLETED OPERATIONS AGGREGATE – Coverage limit for products related claims; food, products sold, etc.
DEDUCTIBLE – The amount the policy holder is responsible for in the event of a claims(s).