What is a policy called that insures all property at multiple locations for a single amount?

A policy that insures all property at multiple locations for a single amount is known as a Blanket Policy. This type of policy provides coverage for various locations or types of property under one limit of insurance, rather than assigning a separate limit for each location or property type. By using a single amount, a blanket policy simplifies the coverage process for policyholders who have multiple properties, as it eliminates the need to track individual limits for each location.

This approach is particularly beneficial for businesses or individuals with several properties, as it allows for more efficient management of their insurance needs. In cases where losses occur, policyholders can claim under the single blanket amount, which provides flexibility in managing coverage for various locations or assets.

Understanding this concept is crucial, especially for those entering the insurance field, as it highlights how policies can be tailored to meet the needs of clients with diverse property holdings.