InsuranceReasonable and customary Insurable value Abstract Exclusion Insurable interest Actuarial cost assumptions
Blanket coverage
When discussing insurance, it is important to understand the concept of a "blanket policy". This refers to coverage for multiple items of property at one location, or for two or more items at different locations. Essentially, it combines the coverage for these items into one policy, typically resulting in cost savings for the insured. This type of policy is commonly used for businesses with multiple properties or high-value assets. It is also important to note that a blanket policy may have a limit for each individual item, rather than one overall limit. This can be a critical factor to consider when determining the appropriate coverage for your assets.
Related terms
Understand the meaning and definition of Reasonable and customary in the context of stock market, trading, and investments.
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