Which of the following best describes a blanket policy?

A blanket policy is essentially designed to provide coverage for multiple locations or properties under a single insurance limit. This means that instead of having separate policies for each individual property or location, a blanket policy consolidates coverage, making it more convenient and possibly more cost-effective. This type of policy is particularly beneficial for businesses or individuals who own various properties, as it simplifies risk management and underwriting.

The flexibility of a blanket policy allows for coverage across different properties without the need to specifically list each one, which can be advantageous when property values or locations may change or when acquiring new properties. It provides a comprehensive approach to managing overall risk, as opposed to isolating coverage to single properties.

Other options provided do not accurately represent the nature of a blanket policy. For instance, coverage for a single, specific property would be characteristic of a standalone policy rather than a blanket one. Similarly, the requirement for both general liability and property coverage does not define what a blanket policy entails; those are separate considerations in insurance coverage. Lastly, limiting coverage to specified perils doesn't capture the broader and more holistic description of a blanket policy. Instead, this limit reflects a broader category of policies that might not offer the expansive oversight that a blanket policy provides.