Do open peril policies include coverage for theft?

Do open peril policies include coverage for theft?

• A. True
• B. False
• C. Only if specified
• D. Depends on the location

Answer: (A)

Open peril policies typically provide broader coverage compared to named peril policies. They cover all risks of loss to insured property, unless specifically excluded in the policy terms. Since theft is not usually listed as an exclusion in standard open peril policies, it is indeed included in the coverage. This means that if an insured's property is stolen, the open peril policy would provide coverage for that loss, as long as the specific circumstances of the theft are not excluded by the policy itself. On the other hand, while named peril policies require specific perils to be listed for coverage, open peril policies operate on the principle of inclusivity, providing broader protection for various risks, including theft. Hence, the assertion that open peril policies include coverage for theft stands true.

Open peril policies typically provide broader coverage compared to named peril policies. They cover all risks of loss to insured property, unless specifically excluded in the policy terms. Since theft is not usually listed as an exclusion in standard open peril policies, it is indeed included in the coverage. This means that if an insured's property is stolen, the open peril policy would provide coverage for that loss, as long as the specific circumstances of the theft are not excluded by the policy itself.

On the other hand, while named peril policies require specific perils to be listed for coverage, open peril policies operate on the principle of inclusivity, providing broader protection for various risks, including theft. Hence, the assertion that open peril policies include coverage for theft stands true.