Common use of Limits of Indemnity Clause in Contracts

Limits of Indemnity. The limit of indemnity under this cover shall not exceed the Total Sum Insured given in the Policy Schedule or Rs.15,000,000,000/- whichever is lower. In respect of several insurance policies within the same compound/location with one or different insurer, the maximum aggregate loss payable per compound/location by anyone or all insurer shall be 15,000,000,000/-. If the actual aggregate loss suffered at one compound/location is more than 15,000,000,000 the amounts payable under individual policies shall be reduced in proportion to the sum Insured of the policies. Excess 1% of the claim amount for each and every claim subject to min of Rs.10,000/- and max of Rs.500,000/-.