If buildings at multiple locations are insured under one limit of insurance, it is known as what type of insurance?

The concept of blanket insurance refers to a policy that covers multiple properties or locations under a single limit of insurance. This type of coverage provides flexibility and ease of management since the insured does not need to maintain separate coverage limits for each property. In blanket insurance, the total amount of coverage is spread over all insured locations, which can simplify claims and underwriting processes.

For example, if an insured has several buildings in different areas but chooses blanket insurance, they can claim up to the total limit for any property that may suffer a loss, without worrying about adhering to specific limits assigned to each individual property. This is particularly advantageous for businesses or individuals with numerous properties that may have varying values and risks.

The other options reflect different types of insurance that do not encompass the same characteristics as blanket insurance. Specific insurance pertains to a policy that covers only one specific property at a defined limit, while aggregate insurance typically refers to a type of coverage that has a cumulative limit over a policy period. Comprehensive insurance is often used to describe broader coverage that encompasses multiple risks without necessarily implying coverage for multiple locations under a single limit.