Limits under multiple policy years (LUMP)

{
  "id": "MLC-T-INS-002025",
  "term": "Limits under multiple policy years (LUMP)",
  "field": "Insurance and risk management",
  "definition": "A method of aggregating or applying insurance limits across several policy periods for a single, continuous loss event that spans multiple years. This approach is often used for long-tail claims, such as environmental pollution or asbestos exposure. It determines how much coverage is available from each policy year for the total loss.",
  "abbreviation": "LUMP",
  "subject": "Excess Umbrella",
  "url": "https://mlchart.com/terminology/insurance/limits-under-multiple-policy-years-lump/"
}