Blanket Insurance For Businesses
Blanket Insurance is an insurance policy under which more than one property can be insured in more than one location. When you purchase a blanket insurance policy, you need not to specify the items covered under the insurance, as everything under a property is covered. Blanket insurance is not used to insure just property, but also things like the health of employees, theft in a particular establishment etc.
How to Get Blanket Insurance:
There are some basic requirements that you have to fulfill before you ca opt for Blanket Insurance.
1) List the Items
You need to draw up a Statement of Values stating the value and name of the items that are going to be covered by the Blanket Insurance. The SOV states the name of the item and its location.
2) Coinsurance
If you have insured property at various locations, one major problem arises at the time of payment for any accident or damage to the property. The limit of the property under Blanket Insurance needs to be looked into. If the value of the damaged property is more than what is offered under the terms of blanket insurance, then you will suffer a loss. You must remember that insurance companies keep in mind the cumulative value of the properties and items you are insuring, not the value of one single item.
What You Must Know Before You Opt for Blanket Insurance:
1) Agreed Value
Agreed value is the value that both insurer and the insurance company agree on while drawing up a blanket insurance plan. You must be very careful while stating an agreed value, as you cannot invoke the coinsurance penalty and get the insurance limit changes at the time of payment.
2) Varying Rules
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