A specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft.
A named-Peril policy covers the policyholder only for the risks named in the policy in contrast to an all-risk policy, which covers all causes of loss except those specifically excluded.
This term refers to the causes of possible loss in the property field – for instance: Fire, Windstorm, Collision, Hail, etc.
In the casualty field the term “Hazard” is more frequently used.