Aggregate Limit of Liability

An insurance contract provision limiting the maximum liability of an insurer for a series of losses in a given time period. An insurance policy may have one or more aggregate limits. For example, the standard commercial general liability policy has two: the general aggregate that applies to all claims except those that fall in the products-completed operations hazard and a separate products-completed operations aggregate. Aggregate excess of loss reinsurance -A form of reinsurance that requires participation by the reinsurer when aggregate excess losses for the primary insurer exceed a certain stated retention level.