named-peril
Quick Summary
In insurance, a "named-peril" policy specifically lists the events (perils) that are covered. If a loss occurs due to an event not listed in the policy, the insurance company will not provide coverage. This is in contrast to "all-risk" policies, which cover all perils except those explicitly excluded.12
Named-peril policies, such as the HO-1 and HO-2 homeowner's policies, detail a specific list of covered events like fire, lightning, windstorms, and theft. If damage occurs from an unlisted peril, such as a sewer backup or termite infestation, the policyholder would be responsible for the costs. While named-peril policies offer a defined scope of coverage, they can be more restrictive than all-risk policies.312
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insurancePerils insuredIn named-peril policies, no coverage is provided unless the property is damaged by a peril specifically listed in the contract.
Read MoreIn named-peril policies, no coverage is provided unless the property is damaged by a peril specifically listed in the contract.
Read More- insuranceExcluded perils
Under named-peril forms, only losses from the perils named in the policy are covered. The named perils are sometimes defined narrowly; for example, theft claims are not paid if the property is merely lost and theft cannot be established.
Read MoreUnder named-peril forms, only losses from the perils named in the policy are covered. The named perils are sometimes defined narrowly; for example, theft claims are not paid if the property is merely lost and theft cannot be established.
Read More