What type of limits of liability specifies separate limits for different coverages?

Split limits are a type of liability coverage that specifies separate limits for different types of coverage, particularly in automobile insurance. For instance, a policy might have a limit for bodily injury per person, a limit for bodily injury per accident, and a separate limit for property damage. This allows for distinct financial protection under each coverage area, which can be beneficial in various claim scenarios.

Having separate limits helps ensure that coverage is adequately tailored to specific risks, allowing the policyholder to be better protected for different types of liabilities incurred in an accident. In contrast, single limits provide one overall limit applicable to all coverage types, while aggregate limits cap the total amount payable but not necessarily by distinguishing between different types of coverage. Broad limits, while a term sometimes used in insurance discussions, do not specifically describe this split coverage structure.