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Blanket motor insurance policy

A motor policy describing the vehicles in general terms rather than specifying them individually. The policy usually refers to any motor vehicle, details of which have been notified to the insurer. When a change of vehicles takes place the substitution does not have to be endorsed on the policy. The Motor Insurance Database does not preclude blanket policies or certificates, but for tracing purposes, under the European Directive, the policyholder must maintain a record of vehicles.

Blanket policy

A health insurance contract which protects all members of a certain group against a specific hazard. In property and casualty insurance, a policy that covers a number of similar items under one endorsement. A collection of stamps or less expensive jewelry items, for example.
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UK: A policy with a single sum insured covering a number of separate items of property without sub-division of the amount. The approach is used in fire insurance for large risks and in fidelity guarantee insurance for unnamed employees.
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US: A single insurance policy that covers several different properties, shipments, or locations.
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Insurance with broad coverage frequently used in burglary and Fire Insurance. A Policy used to cover a number of individuals such as an athletic team, passengers in a certain aero plane etc. An Insurance Policy which covers several different properties or exposures under one form, instead of under separate items.

Blanket position bond

Insurance that provides coverage for all employees regardless of job title, in the event of a financial loss to the employer by the act of an employee.
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This bond covers each listed position with the same amount of coverage for each position. For example, if there are five cashiers listed and a limit of $50,000 per cashier, the bond will pay up to $250,000 (each position times the coverage limit).

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.