What Does Annual Maximum Benefit and Lump-sum Coverage Mean?
The annual maximum benefit defines the maximum benefit obligation of the insurer for all insured events in an insurance year. The maximum annual benefit is calculated by multiplying the sum insured according to the agreed maximization (cf. point 4), whereby only one of the two correspondingly marked coverage amounts is used as the basis for calculating the maximum annual benefit for the coverage sums marked as "lump sum". In the case of lump-sum coverage (to be assessed as a whole), the claims payments for the individual types of damage are summarised. The maximum claim payment per loss event is limited to the amount of the stated insured sum. And this is regardless of whether, for example, property damages or financial loss has occurred. Example: Insured amount for personal injuries at 5.000.000 euros (lump sum)* Amount of coverage for property damages at 5.000.000 euros (lump sum)* Amount of coverage for financial losses at 1.000.000 euros The coverage amounts are tripple aggregated per insurance year. *You can also find this overview in the insurance policy for Professional Indemnity Insurance for Digital Professions: Insured sum for personal injuries and property damage, lump sum in the amount of 5.000.000 euros