Named perils insurance

(redirected from Named Peril 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 ?
Since these damages are not a direct result of a covered peril, we believe there is no coverage in the case of the named peril policies (HO2, FO2, etc).
Flood insurance and earthquake insurance are two other common examples of named peril policies.
Named peril policies would undoubtedly not cover such losses, but the Commercial Property Special Form (CP 10 30 06 07) does exclude power failure, although undoubtedly there will be court cases over the "artificially generated electrical current" wording; a solar flare is not exactly "artificial"'