Just called PP;
The vet bill amount is total amount claimable each year of cover
There is no limit, on the covered for life policies, per condition
Sounds good, and the lady I spoke to stated that PP will never up premiums based on previous claims (I asked) - only increase will be due to vet costs, etc.
At £28pm (quoted with the 10% discount) for the £7000 cover, it is a little high compared to some others, but the knowledge that we wont be hit by a high renewal if we ever needed to claim is swaying me!