What is one of the essential features of a blanket position bond?

One of the essential features of a blanket position bond is that it provides a singular coverage amount for all employees. This type of bond simplifies the bonding process for employers, as they are not required to obtain individual bonds for each employee. Instead, one bond covers any number of employees acting within the predefined positions. This means that the employer has a consistent and consolidated coverage amount, which streamlines the administration of risk management regarding the actions of employees in specific roles.

The other options present features that do not accurately describe the nature of a blanket position bond. For instance, while it does provide extensive coverage, it does not cover an unlimited number of employees under separate limits; rather, that single coverage amount applies collectively. Additionally, it does not necessitate separate applications for each employee, which would be cumbersome and impractical, and it is not intended to replace other forms of bonds. Thus, the focus on a singular coverage amount uniquely characterizes this bond type and underscores its efficiency in protecting against losses due to employee dishonesty.