Final answer:
A blanket-position bond provides coverage for multiple positions or projects within a company or organization, offering efficiency and cost-effectiveness.
Explanation:
Blanket-position bond is an umbrella 'bond' that offers coverage for a specific job rather than an individual. It provides protection for various positions within a company or organization, allowing flexibility in coverage.
For example, a large construction firm may purchase a blanket-position bond to cover all its construction projects rather than obtaining separate bonds for each project.
These bonds are cost-effective and efficient for businesses with multiple projects or positions that need coverage.
Learn more about types of bonds and their coverage here:
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