What is the difference between an “all risks” policy and a “named perils” policy?
A named perils policy covers losses that are due to only those perils listed in the policy. The perils typically covered include fire, windstorm, hail, and other direct physical losses. An all risks policy covers losses that are due to any peril except those specifically excluded in the policy. It is important to note that all risks policies provide broader protection than do named perils policies.
