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Named Peril Insurance Policy
A named perils insurance policy is one where it is specifically stated what falls under it’s coverage.
For example in a named peril property insurance policy, losses incurred from vandalism might not be covered whiles those incurred from burglary might be listed under it’s coverage.
Thus, in the event of losses suffered from vandalism, any claims would would be denied.
Because of the specificity of such policies, people would be able to sign up for policies at a more affordable premium when they are adamant that they only need to be protected from certain events.
This is in contrast to open perils and all-risk policies which come with wider coverage, and higher premiums..
Named peril policies should only be signed up when you know exactly what you want and what kind of risks you are exposed to.