Property insurance-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.