Named perils are the specific dangers a policy insures you against – such as fire, windstorm, and hail in a homeowner’s policy, for example. These perils are “named” or listed in the policy.
This entry was posted in . Bookmark the permalink.
A loss of sufficient size so that it can be said there is nothing left of value; the complete destruction of the property. The term is also used to mean a loss requiring the maximum amount a policy will pay.