Uninsurable Peril

Definition

  • Something with a high potential to cause a loss, and due to high levels of risk is uninsurable. Damages resulting from theft or fire are examples of insurable perils, whereas flood damage on property located in a designated flood zone would be considered an uninsurable peril. Also known as an "uninsurable risk."

Synonyms
uninsurable, uninsurable risk

Related Terms and Acronyms

  • 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.
  • Hazard Insurance Definition,
    • Insurance that covers hazards that are considered risky enough not to be covered by a standard 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.
  • Self Insurance Definition,
    • Setting aside money or assets for a potential future loss.
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