How many limits does a split limit policy typically address?

A split limit policy typically addresses three limits. This type of policy divides the total liability coverage into different amounts for different types of coverage, primarily focusing on bodily injury and property damage liability.

In a standard format, a split limit policy may specify one limit for a single person's bodily injury, a second limit for total bodily injury per accident, and a third limit for property damage liability. This structure allows for more precise management of risks and offers flexibility in coverage based on the nature of incidents.

For example, one can have a limit for bodily injury per person, a separate higher limit for total bodily injuries in one accident, and a distinct limit for property damage. This provides insurers and policyholders with the ability to tailor their coverage according to specific needs and potential exposure.