Here is Division 1's most recent analysis on the arcane but important issue of how many policy limits are available in a situation where a carrier issues multiple year-to-year CGL policies and the insured becomes legally obligated to pay for damage that occurs over those multiple year but results from the same continuous or repeated cause (i.e., water seepage).
The answer, at least in this case with this policy language was: 1 policy limit, under the clause known as the anti-stacking provision.
Copy of opinion also available here Download file