Sublimit

{
  "id": "MLC-T-INS-003222",
  "term": "Sublimit",
  "field": "Insurance and risk management",
  "definition": "A restriction within an insurance policy that caps the maximum amount payable for a specific type of loss or for certain categories of property, even if the overall policy limit is higher. For instance, a homeowner's policy might have a total coverage limit of $500,000 but a sublimit of $2,500 for jewelry theft. This limits the insurer's exposure to particular high-risk items or events.",
  "url": "https://mlchart.com/terminology/insurance/sublimit/"
}