The perils listed and described in a policy. In a named perils policy, only losses caused by those listed perils are covered.
Named Perils Insurance covers specific perils listed in a policy, as opposed to a Special Form Policy (such as an HO3) that covers all perils except the ones excluded by name in the policy.
A formal and specific listing of perils covered in a policy providing property insurance. A policy covering for damage by fire is said to cover for "the named peril" of fire.
Specifically covered by a policy. For example, lightning and vandalism. (See "Peril")
Named peril property coverage specifies perils insured against, as compared to ‘all risk' coverage which specifies perils not covered.
Perils specified in a policy as those against which the policyholder is insured.
The specific perils against which the particular insurance policy is issued.
Named perils are the specific dangers a policy insures you against – such as fire, windstorm, and hail in a homeowner's policy, for example. These perils are "named" or listed in the policy.
Perils specified in a policy as those against which the policy insures you.
A type of insurance coverage where the perils insured are listed on the policy.
Property insurance coverage for loss from certain situations specifically listed in the policy rather than protection from loss due to any cause except those specifically excluded.
Perils specifically covered on property insured. Contrast Named Perils Insurance with All-risks Insurance, which covers all losses not specifically excluded.
Named Perils Insurance covers specific perils listed in a policy, as opposed to an "all-risk insurance" covering all losses except the ones excluded by name in the policy.
Coverage provided by an insurance policy is specified by a list of covered perils. Perils that do not appear on the list are not covered.
A type of coverage. Unlike "all risks", the perils are described and stated.
Coverage in a Property Policy that provides protection against loss from only the perils specifically listed in the policy (rather than protection from physical loss). Examples of named perils are fire, windstorm, theft, smoke, etc. See also: Basic Form, Special Risk Insurance.
an insurance policy that specifies what PERILS are insured against, contrary to so-called ALL-RISK policies.
Perils specifically covered on insured property.
Coverages in a property policy that provides protection from loss of perils specifically listed in the insurance policy. Examples of named perils are fire, windstorm, theft, smoke, etc.