Property
insurance provides protection
against most risks to property, such as
fire, theft and some weather damage.
This includes specialized forms of
insurance such as fire insurance, flood
insurance, earthquake insurance, home
insurance or boiler insurance. Property
is insured in two main ways - open
perils and named perils. Open perils
cover all the causes of loss not
specifically excluded in the policy.
Common exclusions on open peril policies
include damage resulting from
earthquakes, floods, nuclear incidents,
acts of terrorism and war. Named perils
require the actual cause of loss to be
listed in the policy for insurance to be
provided. The more common named perils
include such damage causing events as
fire, lightning, explosion and theft.
