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Named Perils Insurance
(redirected from Named Peril Policy)

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Named perils insurance
An insurance policy that names specific risks covered by the policy.

Named Perils Insurance
A homeowner's insurance policy that only provides coverage for events named in the policy. For example, a named perils policy may cover tornadoes and fires, but not hurricanes and burglaries. These policies are less expensive than comprehensive policies; named perils insurance is designed to cover only the most likely events. However, comprehensive policies themselves do not cover all likelihoods, and a named perils policy may also serve as supplemental insurance to fill holes in one's broader policy.


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He said the only reason companies would select a named peril policy is if a risk is expressly excluded in their all-risk policy.
 
 
 
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