[B040]

blanket position bond
A fidelity bond which insures an employer against loss from dishonest acts by employees. As the name implies, blanket coverage is granted for all employees in the regular service of the employer during the term of the bond. The bond is issued for a fixed sum and each employee is covered up to the full amount of the bond. The maximum amount payable for any one embezzlement involving more than one employee would thus be the amount of the bond multiplied by the number of employees involved.

(See commercial blanket bond.)