Also known as: Covered peril · Named peril · All-risk
A specific cause of loss that an insurance policy may cover, such as fire, theft, or wind.
A peril is the event that causes damage or loss, for example fire, theft, water damage, windstorm, or vandalism. Property policies define coverage in one of two ways. A named-perils (or specified-perils) policy covers only the causes of loss it explicitly lists, so if a peril is not named, it is not covered. An all-risk (or open-perils) policy covers any cause of loss except those specifically excluded, which is broader coverage. Reading which structure your policy uses, and what it excludes, tells you what is actually protected.
A peril is a specific cause of loss that a policy may cover, such as fire, theft, wind, or water damage. Coverage depends on whether the policy names that peril (named-perils) or covers all causes except stated exclusions (all-risk).
A named-perils policy covers only the causes of loss it specifically lists, so anything not named is excluded. An all-risk (open-perils) policy covers any cause of loss except those it specifically excludes, which is broader. All-risk generally offers more protection but still turns on its exclusions.
Definitions are educational and may be modified by your specific policy language, endorsements, and state rules. For regulatory guidance, refer to the California Department of Insurance or the NAIC.
Last updated: July 2026.