What is blanket insurance? - 06 Mar 2010 14:16
Simply put blanket insurance refers to one insurance policy covering more than one type of property at more than one location. A single premium covers all the properties or items listed in the single policy. Where conventional policies and schemes insure individual items under separate policies a blanket insurance policy includes all the items.
Such an insurance policy can range from a number of individual movable items to a business owner who owns numerous stores in different locations and he insures them all under one policy. Each branch of his chain is covered under one insurance policy. A fleet of cars could also be insured under a blanket insurance policy.
Such an insurance policy can also be used to cater for risk associated with more than one person. Each individual branch of the business man’s
franchise, can include protection from dishonest employees even though the employees are different from branch to branch.
Blanket insurance is less popular than taking out individual schemes as the insurer is exposed to a higher level of risk. The accuracy of the value of the insurance policy is difficult to determine. Businesses and homeowners rely less on this type of insurance so as to be accurately and comprehensively covered.
Simply put blanket insurance refers to one insurance policy covering more than one type of property at more than one location. A single premium covers all the properties or items listed in the single policy. Where conventional policies and schemes insure individual items under separate policies a blanket insurance policy includes all the items.
Such an insurance policy can range from a number of individual movable items to a business owner who owns numerous stores in different locations and he insures them all under one policy. Each branch of his chain is covered under one insurance policy. A fleet of cars could also be insured under a blanket insurance policy.
Such an insurance policy can also be used to cater for risk associated with more than one person. Each individual branch of the business man’s
franchise, can include protection from dishonest employees even though the employees are different from branch to branch. Blanket insurance is less popular than taking out individual schemes as the insurer is exposed to a higher level of risk. The accuracy of the value of the insurance policy is difficult to determine. Businesses and homeowners rely less on this type of insurance so as to be accurately and comprehensively covered.