What does Scheduled Limits mean? Read on to discover the definition & meaning of the term Scheduled Limits - to help you better understand the language used in insurance policies.
Separate property insurance limits that apply to each type of covered property interest (building, personal property, business income, etc.) at each covered location. Contrasts with blanket limits that apply over more than one covered property interest or more than one location or both. Also called "specific limits." This is in contrast to a blanket limit, which is a single limit of insurance that applies over more than one location, more than one type of property, or both.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Scheduled Limits. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: