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Glossary
The contract

Annual aggregate excess

Also: Stop loss · Annual global excess

Accumulated retention cap in the financial year: once reached, the insurer is liable for subsequent claims without deducting excess.

In practice

Allows assuming a high excess per claim without a bad streak becoming a cash flow problem. It is the mechanism that makes ambitious retention viable in fleets and damages.

Where it is addressed

This term is covered in Gestión del programa.

Related terms

ExcessAmount of damage borne by the insured in each claim before the insurer indemnifies.RetentionPart of the risk that the company decides to assume instead of transferring to the insurance market.CaptiveInsurer or reinsurer owned by the business group itself, created to orderly retain part of its risk.AccidentEvent of violent, sudden, external cause beyond the insured's will that causes bodily or material damage.Direct action of the injured partyRight of the person who has suffered damage to claim compensation directly from the insurer of the responsible party, without going through them.Aggravation of riskChange in declared circumstances that increases the probability or intensity of the claim. The policyholder must communicate it as soon as possible.
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