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Blanket Property Insurance

Blanket property insurance is designed to provide coverage under a single limit or amount for two or more items (e.g., building and contents) or two or more locations, or a combination of items and locations. Often the premium is lower when there are multiple locations on the theory that a loss, such as a fire, will affect one location, but not others.There are advantages to blanket insurance over separate limits for buildings and contents. For example, suppose an insured has a building insured for $1,000,000 and the contents insured for $400,000. The building burns to the ground destroying the contents as well. According to the proof of loss, the building is determined to be worth $1,200,000 and the contents $200,000. The insurance company will pay a total of $1,200,000 ($1,000,000 for the building and $200,000 for the contents). A blanket policy of $1,400,000 covering building and contents is the solution. The insured would have received the total amount of the loss.It is very important to note that blanket insurance is subject to coinsurance and it can become very complex when there are multiple locations. The disadvantage to blanket coverage is the complexity necessary to design programs for many locations. (See Property Insurance).

Blanket rate

See: Average Rate Insurance.
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Uniform property Insurance premium rate applied to coverage at multiple locations or to insured under a blanket Policy as a substitute for specific rates for each location or type of property.

Blast furnace clause

A liability insurance restrictive endorsement excluding work on blast furnaces. The clause is equally a gasometer clause, or a towers clause, given the other buildings (hangars, steeples, bridges, viaducts and roofs other than private dwellings and/or shops of not more than three floors) also named. They all call for close scrutiny from the underwriter because of their height or other physical characteristics.

Blended covers/integrated covers

The combining of conventional insurance with financial losses in a single programme, as in multi-line insurance. Risks can be priced on a portfolio basis – and therefore cover may be available for risks that, in isolation, would be too costly to insure. The financial losses are based on falls in a specified index and not the actual portfolio.