Legal Definitions - named-perils policy

A named-perils policy is a type of insurance policy that covers specific types of losses, such as fire, theft, or personal injury. This is different from an open-perils policy, which covers all risks except those specifically excluded from coverage.

For example, a homeowner's insurance policy may be a named-perils policy that covers losses from fire, water damage, and theft, but not from earthquakes or floods.

Named-perils policies are often used for specific types of insurance, such as property insurance or homeowner's insurance, where the risks are well-defined and can be specifically named in the policy.