Do you have more than one location? Do you move property from one site to another to meet your shifting needs? Do certain locations you own have higher values to protect than others? Are your locations far enough apart that the odds of a single loss such as a fire or major weather event hitting you are slim? Are your locations in multiple states?
If any of the answers to these questions are yes, you might consider writing your property insurance portfolio on a “blanket basis” rather than separate specific amounts of insurance. With a blanket limit, you have a high single limit of coverage that applies to all of your locations. The theory is that if you have a loss at any one location you have the entire “blanket limit” to cover this loss.
There are many ways to write blanket coverage. You can blanket just your Real Property defined as:
BUILDINGS
Building coverage provides protection for permanent structures listed on the policy. Completed additions, permanently-installed fixtures, machinery and equipment, outdoor fixtures, owned personal property used to service, repair or maintain the building and additions under construction or repair are all included in this definition or you can blanket your Real and Personal Property.
PERSONAL PROPERTY
This coverage protects personal property owned by your firm and used in your operations. Furniture and fixtures, equipment and machinery, raw stock, and finished goods all fall within this category. Personal property of others while located in your covered building or within 100 feet of the premises can also be insured.
This coverage allows you to move stock freely from location to location without having to worry about increases in values.
There are several considerations such as adequate insurance to value, locations types, actual locations, and coverage determinations, to see if this type of coverage is available for your particular needs. A call to your insurance specialist can answer any questions you might have about a “blanket insurance” policy.