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 ?
Surely coverage cannot be broader under a named perils policy than an open perils policy, but this appears to be the case.
Answer: Although the named perils policy might appear to provide broader coverage, that is not the case.
HO-2 is a named perils policy (see chart, page 258).
In a named perils policy, only the specified causes of loss (the named perils) are the exposures protected against, for example, fire or windstorm.
Furthermore, in a named perils policy the insured has the burden of proving that a named peril caused the loss; in an open perils form, the insurer has the obligation to prove that an exclusion applies.