What is Specified Perils Coverage.

What is specified perils cover. Specified Perils coverage protects you from named events beyond those provided in your standard auto insurance policy. Specified perils coverage is a part of the insurance policy that covers losses resulting from particular events that are pre-defined in the text of the policy such as. Home insurance policies generally offer coverage for named perils such as fire wind and theft.

In the insurance world a peril has a very particular meaning. It wont cover damage from vandalism or falling objects here. The expression is usually found as an addendum to Fire ie.

Available coverages for a specified perils policy include. Theft or attempted theft. This typically includes damage caused by things like fire hail lightning theft and earthquakes but it doesnt cover vandalism falling objects or animal damage.

Based on this explanation of risk or peril a named peril is a risk specified in writing in the insurance policy. Specified perils coverage as the name suggests covers you against risks or perils that you have named or specified in your policy. Named perils is another name for this.

A specific cause of damage or injury. With Specified Perils you only pay for the coverage you need. However some perils like water damage are covered only in certain situations and others like neglect are excluded from insurance entirely.

Coverage for specific events perils that are outlined in your policy. The most common named perils are the ones we tend to think of. The term specified perils is used by insurers on material damage policy to define the cover under the policy.