Policy limits are usually stated on the declaration page in the policy. It will normally show how much a limit is for each occurrence with an amount showing for aggregate limits or the maximum dollar amount your insurer will pay for claims during the specified policy period. An example would be $500,000 per occurrence with $2,000,000 aggregate. During the year a claim is made for $600,000, another for $20,000 and another for $1,200,000. The first claim of $600,000 would be paid up to $500,000, the second would be paid up to $20,000, and the third would be paid up to another $500,000; so the aggregate of payments would be $1,020,000. In this case aggregate was sufficient, but each occurrence fell short of the amount needed.

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