The Occurrence Limit of Liability Endorsement (“OLLE” and pronounced “Ollie”) is a hot topic right now in property insurance law as it is being included with increasing frequency in property insurance policies, and many insureds seemingly do not understand how it impacts coverage. Ultimately, many courts that have interpreted OLLEs have held that an OLLE, together with a statement of values (“SOV”) can turn a “blanket” policy, with an overall limit available across multiple items and multiple locations into a “scheduled” policy, which limits recovery for each location (and/or item) to the stated value in the SOV the value of the property the insured reported to the insurer.