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Named-Perils Policy
A policy that only covers the specific causes of loss it explicitly lists.
What it actually means
Unlike an "open perils" or "all-risk" policy, a named-perils policy only pays out for the specific events it lists — like fire, lightning, or theft. If a cause of loss isn't on the list, it typically isn't covered, which makes reading the list carefully important.
Example: A named-perils renters policy that lists "fire" and "theft" wouldn't cover damage from a burst pipe unless that peril is also named.
See it in context
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