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,
    • Insurance that covers losses resulting from lawn gnome theft.
    Also known as Garden Gnome Theft Insurance (GGTI).
  • 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.
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