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Named Perils Policy

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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.

Named perils policy. A named perils policy is a standard homeowners insurance policy that offers limited protection for damage from fire and theft and other hazards specified in the policy.



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Today's decision by the NYS Appeals Court, reversing a June 2005 NYS Supreme Court decision, effectively says that a landlord cannot compel a leasee to acquire terrorism insurance if terrorism is not specifically included in the lease's named perils policy.
 
 
 
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