How to Complete the ACORD 126 Limits Section

ACORD 126 Limits Section

LIMITS APPLY

The Limits section at the top of the first page of the ACORD 126 begins by asking you to fill in the General Aggregate Limit - see RED box below.

GENERAL AGGREGATE: IRMI has a good definition of General Aggregate Limits here.

To quote the first part of their definition " The maximum limit of insurance payable during any given annual policy period for all losses other than those arising from specified exposures. Under the standard commercial general liability (CGL) policy, the general aggregate limit applies to all covered bodily injury (BI) and property damage (PD) (except for injury or damage arising out of the products-completed operations hazard) and all covered personal and advertising injury."

Next there are four check boxes. Only one can apply. Example, if the General Aggregate applies per LOCATION, check the box to the immediate left of the word LOCATION.

There are 7 more lines where you can enter Limits.

PRODUCTS & COMPLETED OPERATIONS AGGREGATE
PERSONAL & ADVERTISING INJURY
EACH OCCURRENCE
DAMAGE TO RENTED PREMISES (each occurrence)
MEDICAL EXPENSE (Any one person)
EMPLOYEE BENEFITS
BLANK LINE FOR FREE FORM ENTER OF OTHER

Enter limits only for coverage which is provided under this policy.

You can have all of these coverages, none of these or some of these.

The limits go in the row in the blue box in the above picture.

PREMIUMS

If this is an application for a quote, you will most likely be leaving the premium fields empty. You underwriter will be providing you with her premium quotations.

I hope this helps you learn how to complete the ACORD 126 Limits Section.