A contractor's general liability policy has a $2,000,000 aggregate limit and $1,000,000 per occurrence limit. Three separate claims are filed: $600,000, $800,000, and $900,000. How much will the insurance company pay?
Correct Answer
B) $2,000,000
Each claim is within the $1M per occurrence limit, totaling $2.3M, but the aggregate limit caps total payments at $2M for the policy period.
Why This Is the Correct Answer
Each claim is within the $1M per occurrence limit, totaling $2.3M, but the aggregate limit caps total payments at $2M for the policy period.
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