An all risk or open peril policy protects against what type of events?

An all risk or open peril policy is designed to provide broad coverage by protecting against any perils except those that are specifically excluded in the policy. This means that as long as an event is not explicitly listed as an exclusion, it is covered under this type of policy. This is advantageous for policyholders because it offers a comprehensive safety net for various unforeseen incidents, providing peace of mind that they will be protected unless there are specific circumstances outlined in their policy that limit that coverage.

In contrast, a policy that covers only specified perils would limit protection to enumerated risks. Coverage restricted to natural disasters would exclude many other potential risks. Additionally, limiting coverage solely to acts of vandalism would not provide the breadth of protection that an all risk policy offers, since it would cover only a specific subset of perils.