Legal Definitions - blanket policy

Definition: A type of insurance policy that covers all property, regardless of location.

Example: A company purchases a blanket policy to cover all of its buildings, equipment, and inventory, no matter where they are located. This means that if any of the covered property is damaged or destroyed, the company can file a claim and receive compensation.

Explanation: A blanket policy is a type of insurance that provides broad coverage for all property, regardless of where it is located. This is useful for businesses that have multiple locations or frequently move their property around. The example illustrates how a company can use a blanket policy to protect all of its assets, no matter where they are located. If any of the covered property is damaged or destroyed, the company can file a claim and receive compensation from the insurer.