Per occurrence limitation of liability provision

{
  "id": "MLC-T-INS-002540",
  "term": "Per occurrence limitation of liability provision",
  "field": "Insurance and risk management",
  "definition": "A clause within an insurance policy that restricts the insurer's total financial responsibility for all damages or claims stemming from a single event or incident. This provision specifies the maximum payout for any one occurrence, irrespective of the number of claimants or the aggregate cost of their losses. It serves to cap the insurer's exposure to a single catastrophic event.",
  "url": "https://mlchart.com/terminology/insurance/per-occurrence-limitation-of-liability-provision/"
}