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DEFINITION of 'Blanket Bond'. Insurance coverage carried by brokerages, investment bankers, and other financial institutions to protect them against losses due to employee dishonesty. Next Up. Examples of things that a blanket bond might cover are forged checks, counterfeit currency, fraudulent trading, and property damage.
Financial Institution Bond. Forms of a blanket bond to be issued to financial institutions. Fidelity bonds or crime insurance will always be recommended for a mortgage broker. A mortgage broker with employees is just as susceptible to employee theft claims as the next. A fidelity bond may also be required of a mortgage broker.