What is a single insurance policy that covers multiple classes of property at one location called?

A single insurance policy that covers multiple classes of property at one location is referred to as blanket insurance. This type of coverage is designed to provide a comprehensive safety net by encompassing various types of property—such as buildings, personal property, equipment, and inventory—within a single policy.

The key advantage of blanket insurance is its flexibility and ease of management, as policyholders don’t need to manage separate policies for each type of property. Instead, they receive a more streamlined approach that allows for coverage limits to be shared across different types of insured property at the same location, which can be particularly beneficial for businesses with diverse assets.

In contrast, broad insurance typically pertains to a policy that provides coverage against a wider range of risks but does not inherently include multiple classifications of property. Umbrella insurance is a form of liability coverage that goes beyond the limits of other policies, offering additional coverage for a variety of liabilities but not specifically addressing multiple property classes. Specific insurance tends to cover designated properties or risks rather than providing a broader, more inclusive approach like blanket insurance.