What do the “Limits of Liability” mean?

The first number (“Per Incident” or “Per Occurrence”) refers to the maximum amount that can be paid as “damages” for any single claim. The second number (“Aggregate”) refers to the total amount that can be paid for all claims during the policy period (in our case, the “policy period” = 1 year).

Defense costs are unlimited and are not deducted from the limits of liability.