Named Perils

Covered losses that are explicitly described in your insurance policy.

You may find named perils in several policies, but the most common one is Property Insurance. For example, the named perils in your Property Insurance policy might be "fire,""theft," and "wind damage." The thing to remember is this: "named-peril" policies only pay out for losses caused by specifically identified risks, as opposed to "open-peril" policies, which cover everything except explicitly excluded events.