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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.
It states that the company is not liable for a greater proportion of any loss than the amount of insurance on blanket property bears to the cash market value at the time of loss. In other words, say the insured has an unscheduled coin collection on a blanket basis valued at $500.00. One coin worth $50.00 is stolen.