The term specified perils is used by insurers on material damage policy to define the cover under the policy.
The expression is usually found as an addendum to Fire i.e. Fire and Specified Perils and the cover under the “specified perils” will be detailed in the policy.
Often people confuse the term specified perils with the the more long standing collective name for certain risks of special perils. They are not the same.
The cover provided by the group of special perils will generally form part of the schedule of specified perils but whereas the terms specified refers to a list that can include a range of options the terms special perils refers to specific risks available historically as an addition to the fire and business interruption policies.
What does specified perils insurance include?
This will depend upon the policy concerned but commonly the list will be made up of the special perils, accidental damage, theft and subsidence.
How do I know what specified perils are covered under my insurance policy?
The only way to know for certain is to read the policy in conjunction with your policy schedule or to consult your insurance broker.
My policy is arranged on an all risks basis and I cannot find the specified perils?
The all risks policy is different in nature to the fire and specified perils policy. The all risks policy provide a very wide definition of the loss or damage and then the cover is restricted by exclusions whereas the fire and specified perils policy details the insured events the policy provides cover for.
If you are in any doubt regarding the cover under your policy, contact you broker immediately or call us direct and we shall be more than happy to provide you with any assistance in this or any aspect of your insurance requirements.