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Named perils
Boat insurance term, area: Hull
A named perils policy contains a closed list of insured events, such as fire, storm, sinking, stranding and theft. Anything that is not on the list is not insured, however reasonable the claim may seem and even if nobody ever considered it. This approach is common in restricted hull covers and in entry level policies, where a lower premium buys a narrower promise.
What to check: Is there a list of perils in the hull section? Look for gaps that matter where the boat is kept, for example damage while ashore, during lifting, or accidental damage that happens without any storm.
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A general explanation in our own words.
What applies to you is set only by the wording of your own policy.
