Named Peril
A specific cause of loss that is explicitly listed as covered in an insurance policy.
Detailed Explanation
Named peril policies only cover losses caused by events specifically listed in the policy. Common named perils include fire, lightning, explosion, windstorm, hail, smoke, theft, and vandalism. If a loss is caused by something not listed, it isn't covered.
Practical Example
Thomas's personal property was covered on a named peril basis, so when his laptop was stolen during a break-in, the theft was covered because theft was a listed peril in his policy.
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