Named Perils or Specified Perils coverage protects you from the perils specifically listed in your insurance policy only. Perils not named are excluded from this type of coverage.
Depending on the type of insurance policy you have, some of all of your property may be covered against Named Perils only. A good example of Named Perils coverage is broad form home insurance, in which your building is protected against all risks, but your personal belongings are protected against specific perils only.
In general, a Named Perils policy will protect your property from damage due to:
In addition to the standard exclusions common to most forms of home insurance in Ontario, anything not named in your policy is excluded by named perils coverage. The main exclusions from a named perils policy are:
Another difference between a named perils policy such as broad form vs. all risk is the burden of proof. In Ontario it is your responsibility as the holder of a named perils policy to provide evidence that any loss occurred is due to a named peril. In contrast, with an all risks form, the onus is on your insurer to prove that an exclusion applies in order to deny coverage.
Find out how the experts at Mitchell & Whale Insurance Brokers can help you get the best home insurance coverage in Ontario: 1-800-731-2228