Open Peril
Insurance coverage that protects against all causes of loss except those specifically excluded in the policy.
Detailed Explanation
Also called 'all-risk' coverage, open peril policies provide broader protection than named peril policies. In an HO-3 policy, the dwelling is typically covered on an open peril basis, while personal property is covered for named perils only.
Practical Example
When an ice dam caused water to back up under Rachel's roof shingles and damage her ceiling, her open peril dwelling coverage provided protection, as this unusual cause of loss wasn't among the policy's specific exclusions.
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