What type of policy provides coverage for all risks except those specifically excluded?

The policy that provides coverage for all risks except those specifically excluded is known as an open peril policy. This type of coverage is comprehensive in nature, meaning it protects against a wide range of potential losses unless the policy explicitly lists certain exclusions. Such exclusions can include specific risks, events, or conditions that the insurer has decided not to cover.

In contrast, a named peril policy only covers the risks that are specifically listed within the policy. This means that if an event is not mentioned, it will not be covered, leaving potential gaps in coverage for the policyholder. Comprehensive and basic policies may vary in their extent of coverage but do not inherently provide the same broad protection against all risks aside from specified exclusions that an open peril policy offers. Therefore, the term "open peril" directly conveys the idea of expansive coverage, focusing on the inclusion of most risks unless expressly stated otherwise.