Anybodyknow the breakdown for how floridas 10/20/10 limit works?
Carl,
10/20/10 is a split liability limit. In the case of split liability, three separate limits apply. The first number is the amount payable for each person injured; the second number is the maximum amount payable for all person injured; and the third number is the amount payable for property damage. All amounts are for one accident.
Please let me know if you have other questions.
Jan
so a single limit would just be a flate rate for every incident of bodily injury per persomnand property damage?...........and does a single limit have a maximum its willing to pay out?
Carl,
You are correct in your definition of a single limit. The limit payable under liability coverage is the amount of coverage purchased by the insured - the policy limit. There is not necessarily a maximum amount. It would vary with individual companies. The maximum for most companies is $500/$1000/$500.
Jan