Named perils 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.

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.

References in periodicals archive ?
Darwin's distinctive named perils policy customizes coverage to meet the unique needs of each policyholder.
The policy, developed by Darwin, is a named perils policy where coverage can be customized to fit the exact needs of each policyholder.