Legal Definitions - open-perils policy

An open-perils policy is a type of property insurance policy that covers all risks of loss or damage to the insured property, except for those specifically excluded in the policy. This means that any damage or loss to the property that is not specifically excluded in the policy is covered.

For example, if a homeowner has an open-perils policy for their house, and a tree falls on the roof during a storm, the damage would be covered by the policy. However, if the policy specifically excludes damage caused by earthquakes, and an earthquake damages the house, the damage would not be covered.

Open-perils policies are also known as all-risk policies, and they provide broader coverage than other types of policies, such as named-perils policies, which only cover specific risks that are listed in the policy.