Restore SAP Database using Multiple Policies.

it seems that only the last backup is of use.

See these brrestore examples:  http://help.sap.com/saphelp_nwpi71/helpdata/en/47/2358a49a59550ee10000000a114a6b/content.htm

Most of this is covered in the SAP admin guide

The util_file will be in a path and should be found

Some "How To's" here - http://www.symantec.com/docs/HOWTO72202

Follow the links on the page for more details

Do not combine into one policy... the actual retention period the backup takes is that from the default-application schedule and as you should only have one in a policy you should have a policy per retention period

As per TECH164455, If Netbackup for SAP is called without the utl file parameter, it checks for the SAP_RECOVERY environment variable. If the environment variable is set to "disaster", the restore is allowed without the util file parameter. NetBackup for SAP then restores using the default SAP policy and other configuration. Please consult SAP BR*Tools documentation for the many options available to backup and restore SAP.

The SAP admin guide doesn't cover BPRESTORE commands in great deatil. It more focuses on Installation and confguration. If your looking for more details on the switches with BPRESTORE pleaese refer to HOWTO43687 and SAP's Command Options for BRRESTORE, for the Specific ussage of bprestore with SAP. 

You do not need to specify a policy when restoring. Policyes are used during backup

-b file

According to SAP documentation the -b qualifyer is the name the log file created by brbackup (files located in the brbackup or brarchive directory).

The util file is not the issue here. However, the information you provided is very helpful in the event that we have lost the initsap.utl.  

I've noticed that when I try the BRRESTORE command, with the Netbackup policy disabled, I get an error that the .utl file has an invalid perameter. When I re-enable the policy, the restore works fine. Thus, I was thinking that a policy should be specified during a restore.

Correct. This is why I've split my policies. The util file is not the issue however, it's more of a question about restore availability and policy binding.

I want to ensure that I do not need to speicify a policy for restoring a file.  That link you proivded is golden! Thanks

Good to know that you gt clarified now.
Please close the thread by marking relevant post as solution...If more than one post helped you please put a split solution.

Would have been nice if you had marked the answer(s) that assisted you the most rather than your own - this helps others searching for a similar issue in the future as well as rewarding the person / people that helped you the most

Nicolai's answer seems to be the most appropriate. I've tested a few restores just yesterday, and did not have to specify the policy.  Thanks for all your replies everyone!