Named Perils Insurance Policy
- A property insurance policy that only provides coverage for losses due to perils specifically named in the policy. For example, a homeowner may live in an area with little to no risk of an earthquake or a hurricane, but the individual may still want coverage for fire and theft. In this scenario, the homeowner may choose to select a named perils insurance policy that covers fire and theft instead of a more comprehensive umbrella insurance policy.
à la carte, targeted insurance
Related Terms and Acronyms
- Catastrophe Hazard — Definition,
- An event, such as a hurricane or earthquake, that poses a risk of a catastrophic loss.
- Concurrent Causation — Definition,
- If there is more than one cause of damage in an insurance claim and one cause is covered while the other is not, the insurer is obligated to cover the loss.
- Fire Insurance — Definition,
- Insurance that covers losses from fire damage to insured assets.
- Insurance Policy — Definition,
- A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
- Kidnap and Ransom Insurance — Definition,
- Insurance that covers expenses involved if an individual is kidnapped and ransom payments are made.
- Lawn Gnome Theft Insurance (LGTI) — Acronym, Backyard,
➥ Also known as Garden Gnome Theft Insurance (GGTI).
- Insurance that covers losses resulting from lawn gnome theft.
- Named Perils — Definition,
- Risks that are specifically listed as being covered in an insurance policy.
- Peril — Definition,
- Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
- Umbrella Insurance — Definition,
- Insurance used to cover different types of property in a single policy.