blanket policy

The name given to a contract of insurance because of the manner in which the subject matter, that is the insured property or the risk 'is described, typically illustrated by a policy covering a stock of merchandise, which, because of the changing character of the property insured from day to day as articles are sold and replaced in the course of business, can be described only in general terms describing the nature of the stock and its location. Another typical illustration is that of a policy covering a warehouse risk, which, of course, varies from day to day as new customers bring in their property and old customers remove their property from the warehouse. 29 Am J Rev ed Ins § 306. Blanket or float policies are sometimes issued to factors or to warehousemen, intended only to cover margins uninsured by other policies, or to cover nothing more than the limited interest which the factor or warehouseman may have in the property which he has in charge. Home Ins. Co. v Baltimore Warehouse Co. 93 US 527, 541, 23 L Ed 868, 869.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • Blanket policy — Blanket mortgage Blanket mortgage or Blanket policy Blanket policy . One that covers a group or class of things or properties instead of one or more things mentioned individually, as where a mortgage secures various debts as a group, or subjects… …   The Collaborative International Dictionary of English

  • Blanket policy — is a policy which behaves similarly to a variety of things. Based on Webster s Dictionary it covers a group or class of things or properties instead of one or more things mentioned individually, as where a mortgage secures various debts as a… …   Wikipedia

  • blanket policy — noun : an insurance policy in which various items or classes of property (as buildings and contents) are covered * * * blanket policy, a contract of insurance applied to a class of property rather than to any particular property, in which the… …   Useful english dictionary

  • blanket policy — An insurance policy that covers a number of items but has only one total sum insured and no insured sums for individual items. The policy can be of any type, e. g. covering a fleet of vehicles or a group of buildings …   Big dictionary of business and management

  • Wet Blanket Policy — Infobox Hollywood cartoon cartoon name = Wet Blanket Policy series = Woody Woodpecker caption = director = Dick Lundy story artist = Ben Hardaway Heck Allen animator = Fred Brunish Lester Kline Ken O Brien voice actor = Lionel Stander Ben… …   Wikipedia

  • Blanket mortgage — or Blanket policy Blanket policy . One that covers a group or class of things or properties instead of one or more things mentioned individually, as where a mortgage secures various debts as a group, or subjects a group or class of different… …   The Collaborative International Dictionary of English

  • blanket — blan‧ket [ˈblæŋkt] adjective [only before a noun] affecting or including everything or everyone: • The authorities have introduced a blanket ban on all deals of this kind. • The agency is offering a blanket settlement to all groups. * * *… …   Financial and business terms

  • policy — The general principles by which a government is guided in its management of public affairs, or the legislature in its measures. A general term used to describe all contracts of insurance. See policy of insurance. This term, as applied to a law,… …   Black's law dictionary

  • policy of insurance — The parlance of the insurance business, the contract between the insured and the insurer. State ex rel. Sheets v Pittsburgh, Cincinnati, Chicago & St. Louis Ry. Co. 68 Ohio St 9, 67 NE 93. The formal document in which a contract of insurance… …   Ballentine's law dictionary

  • blanket rate — noun 1. : group rate 2. a. : an insurance rate applying to two or more risks of a similar character but at different locations b. : the insurance rate applying under a blanket policy …   Useful english dictionary

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