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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.
When you pay for a blanket insurance policy, you do not have to identify the matter covered in the insurance, because the whole thing under a property is covered. Blanket insurance is not only used to cover properties. It also covers the health of employees, thievery in a specific establishment, and a whole lot more. In the course of this policy, no sole item is allocated a particular quantity of insurance. Everything is equally distributed.