What is it called when various items of property are insured under one limit of liability?

When various items of property are insured under one limit of liability, this is known as Blanket Coverage. This type of insurance allows multiple types of property to be insured under a single policy limit, rather than requiring separate coverage limits for each item. This can provide greater flexibility and ease of administration, as it simplifies the insurance process by allowing all covered items to share a single limit in the event of a loss.

In the context of Blanket Coverage, if one item suffers a significant loss, the insurance can cover that loss using a portion of the overall limit, which can often provide more effective and comprehensive protection for an insured's varied assets. This approach is particularly advantageous for businesses that may have a variety of equipment, inventory, or property that could collectively exceed the individual limits of coverage.

The other options represent different concepts within insurance. Comprehensive Coverage generally refers to a broader scope of protection for various types of incidents, Single Limit Policy implies a policy structure that compensates for a single incident but does not inherently cover multiple items under one limit, and General Coverage is a vague term that does not specifically indicate a policy structure focused on multiple items.