Aggregate Policies for Your Projects

Aggregate Policies

Insurance policies are a way for both you and your clients to feel financially protected in the event things go wrong. Policies feature many details and sometimes add-ons that make you feel safer or that your clients require. One such feature is an aggregate.

Insurance Policy Aggregates

An aggregate is the highest amount your insurance policy will pay for all of your losses in a specific period of time covered by the term of the policy, often one year. This amount holds, no matter how many claims you file during that year. If you meet the aggregate amount, you will not be reimbursed for any further claims during that year. Aggregates are separate from your actual coverage limits for each claim.

Reasons to Purchase Aggregates

Aggregates are limits of liability for the whole term of the policy. They are not increases in coverage. There are specific reasons insurance holders buy aggregate policies, including:

  • To reduce financial risks in some cases
  • Project owners require a separate aggregate policy
  • Affordable ways to practice responsible financial hazard management

Some industry specialists give a per project aggregate endorsement. Often, raising the aggregate in specific cases is beneficial for both you and project owners for whom you work. Consult an experienced agent to determine what is right for you.

Aggregate insurance policies offer safeguards for you and sometimes help your clients feel more secure. These policies are affordable ways to get jobs done while demonstrating financial responsibility.