Commercial Blanket Bond
Definition of "Commercial blanket bond"
Coverage of the employer for all employees on a blanket basis, with the maximum limit of coverage applied to any one loss without regard for the number of employees involved. Both commercial and position blanket bonds work the same way if only one employee causes the loss, or if the guilty employee (s) cannot be identified. For example, five identifiable employees as a team steal $50,000. A $10,000 blanket position bond would cover the loss in full. A $50,000 commercial blanket bond would be required to repay the insured business for the same loss.
Popular Insurance Terms
Group that advises on employee benefit plans as to amount of benefits to be paid, how benefits are to be financed, and how employees are to qualify for benefits (vesting requirements). An ...
Automatic right of an insured to renew a policy until a given date or age except under stated conditions. It is extremely important for the purchaser to review the conditions for renewal in ...
Termination of life. A death certificate is required by a life insurance company for a beneficiary to receive the death payment. ...
Total limit of coverage under all policies applicable to the covered loss for which an insured can be indemnified. For example, if two health insurance policies are in force on the same ...
Measurement of how people feel about prevailing economic conditions, employment outlook, and personal finances. This index is based on statistics gathered from questionnaires mailed by the ...
Structured product designed to meet specific needs of the insured that may involve any of the following funding arrangements: loss portfolio transfers in which the self-insurer transfers ...
Retirement payments to be credited for future years of service with an employer. ...
Sum of insurance provided by a policy at death or maturity. ...
Insurance company that transfers a risk to a reinsurance company. ...
Have a question or comment?
We're here to help.