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
Deferred annuity under which one premium payment is made and the annuity is paid up (no further premium payments are required). ...
Coverage for bodily injury, property damage or destruction, for which the insured garage and/or its representatives become legally liable resulting from the operation of the garage. For ...
Same as term Disability Benefit: income paid under a disability policy that is not covered under workers compensation benefits. It is usually expressed as a percentage of the insured's ...
Formal process of setting aside funds on a mathematical basis to provide deferred income benefits. ...
Specific values of securities computed annually by the national association of insurance commissioners (NAIC) as guidelines and procedures for insurance companies in listing of their ...
List of cash allowances for various types of surgeries. ...
Bodily or emotional injury resulting from physical or mental wound or shock. A traumatic injury is caused by something outside the person's body as opposed to a sickness or a disease. An ...
In a commercial general liability (comprehensive general liability) policy, exclusion of coverage for sold premises. The objective of this exclusion is to eliminate coverage for property ...
tort against another person's property, designed to detain or dispose of it in a wrongful manner. For example, wrongful selling of another person's automobile without permission would ...
Have a question or comment?
We're here to help.