Named perils insurance

(redirected from Named Peril Policy)

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.
Mentioned in ?
References in periodicals archive ?
A typical broad form named peril policy would cover fire, windstorm, hail, aircraft, riot, vandalism, explosion and smoke.
The all-risk insurance policy is usually more expensive than the named peril policy because it is more comprehensive.
Difference between Named Peril Policy and Property all Risk Policy
Turning to your commercial general liability (CGL) policy, do you have a named peril policy that lists "covered causes of loss" (and probably does not list cyber-attacks) or an "all risks" policy?
Responding to a Security Breach: Is There Insurance for This?
(6) DIC policies were originally used to provide an insured with all-risk coverage wrapped around a named peril policy. With widespread availability of "all-risk" forms, they're now mostly used to add flood and earthquake coverage.
The Mudslide tragedy-insurance aspects
Property insurance can come in the form of an all-risk policy, also called an open peril policy, whereby all the causes of loss are covered unless they arc specifically excluded; or a named peril policy, which covers only specifically listed risks.
Risky business: IREM members and experts discuss the importance of property insurance for disaster preparedness

Financial browser ?
Full browser ?