Glossary

Blanket contractual liability insurance is coverage applying to all liability assumed by the insured in contracts, whether reported to the insurer or not.

A blanket fidelity bond is coverage for employee theft of money, securities, or property, written with a per loss limit rather than a per employee or per position limit.

Blanket group boiler and machinery (BM) coverage applies to all equipment of a certain type.

Blanket limit is a single limit of insurance that applies over more than one location or more than one category of property coverage or both.

Blanket medical expense refers to a form of health insurance that pays for all medical costs subject only to a maximum aggregate benefit.

A blanket policy is a single insurance policy that covers several different properties, shipments, or locations.

Blanket position bond (BPB) is coverage for employee theft of money, securities, or property, written with a limit that applies to each position named in the policy, regardless of the number of individuals holding that position.

Blended finite risk refers to an insurance or reinsurance agreement that combines risk transfer with financial insurance by insuring against multiple causes of loss, one or more of which is underwritten on a finite basis.

Blended risk is (1) the combining of traditional reinsurance products with capital market products such as securities and futures or (2) a finite risk reinsurance program that includes a small amount of risk transfer.

Blockchain technology refers to a distributed ledger technology where the entries are made, saved, verified, and continued in order of transaction entry on each counterparty's secure computer system involved.