Named perils insurance

(redirected from Named Perils Policies)

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.
References in periodicals archive ?
Named perils policies are also referred to as "specified perils contracts," and open perils contracts are also referred to as "comprehensive contracts" or "special perils" contracts.
Most kinds of property damage likely will be covered under multi-peril and named perils policies as caused by aircraft and vehicles, fire, explosion, falling objects, collapse, or some other non-excluded peril.