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A loss limit is a property insurance limit that is less than the total property values at risk but high enough to cover the total property values actually exposed to damage in a single loss occurrence.
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A loss limit is a property insurance limit that is less than the total property values at risk but high enough to cover the total property values actually exposed to damage in a single loss occurrence.
Additional Information
This approach is usually used when the insurer is unable to provide a limit equal to the total property values at risk or when reinsurance costs for a full blanket limit are prohibitive.
