Any one claim vs aggregate limits determine how a Professional Indemnity policy’s limit of indemnity can apply to claims during the policy period.
An any-one-claim limit generally means the stated limit can apply separately to each covered claim, subject to the policy terms.
An aggregate limit is the maximum amount the insurer will pay across all covered claims during the policy period.
For example, a $5 million aggregate policy may have significantly less remaining cover after a large claim has been paid.
Engineers should also check whether:
- defence costs are included within or outside the limit
- an aggregate cap applies to particular types of claims
- sub-limits apply to certain exposures
- related claims are treated as one claim
The headline PI limit does not always tell the whole story, so the way the limit operates is important when comparing policies.
For a broader policy review checklist, see Engineers Australia’s Professional Indemnity Insurance checklist.
