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📃 '''Named-perils policy''' is an [[Definition:Insurance policy | insurance policy]] structured so that only losses resulting from specifically listed causes of loss — known as [[Definition:Named peril | named perils]] — qualify for [[Definition:Coverage | coverage]]. It represents one of the oldest and most widely used approaches to writing [[Definition:Property insurance | property]] and [[Definition:Inland marine insurance | inland marine]] coverage, offering a clear and bounded scope of protection. The approach contrasts with [[Definition:All-risk policy | all-risk]] forms, where coverage is broad and limited only by stated [[Definition:Exclusion | exclusions]].

🛠️ Operationally, the insuring agreement contains a discrete catalogue of perils — commonly fire, theft, windstorm, explosion, and similar events — each defined with precision so that both the insured and the [[Definition:Insurance carrier | carrier]] understand the scope. At the point of loss, the [[Definition:Claims adjuster | claims adjuster]] evaluates the [[Definition:Proximate cause | proximate cause]] and confirms whether it appears on the list before proceeding with [[Definition:Loss adjustment | adjustment]]. Because the insured must affirmatively prove the peril, disputes often center on causation chains involving multiple contributing factors. [[Definition:Underwriter | Underwriters]] can tailor named-perils forms with considerable precision, adding or removing individual perils through [[Definition:Endorsement | endorsements]] to match the risk appetite of the carrier and the [[Definition:Exposure | exposure]] profile of the insured. This modularity makes named-perils policies particularly versatile in [[Definition:Specialty insurance | specialty]] and developing markets.

🌐 The significance of the named-perils approach extends across the insurance value chain. [[Definition:Actuarial science | Actuaries]] appreciate the clear loss categorization it enables, which supports more accurate [[Definition:Loss reserving | reserving]] and [[Definition:Pricing | pricing]]. [[Definition:Insurance broker | Brokers]] must ensure their clients understand which perils are covered and counsel them on supplemental products — such as [[Definition:Flood insurance | flood]] or [[Definition:Earthquake insurance | earthquake]] policies — to fill gaps. In [[Definition:Reinsurance | reinsurance]] markets, the distinction between named-perils and all-risk underlying business affects how [[Definition:Treaty reinsurance | treaties]] are structured and priced. As the risk landscape evolves with [[Definition:Climate change | climate change]] and emerging threats, the question of which perils to include in standard forms continues to drive product development conversations across the industry.

'''Related concepts'''
{{Div col|colwidth=20em}}
* [[Definition:Named peril]]
* [[Definition:All-risk policy]]
* [[Definition:Open perils]]
* [[Definition:Proximate cause]]
* [[Definition:Endorsement]]
* [[Definition:Property insurance]]
{{Div col end}}

Definition:Named-perils policy - Revision history

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