Which type of insurance policy covers all losses that are not specifically excluded?

An open peril policy, also known as an all-risk policy, provides coverage for any loss or damage unless it is explicitly excluded in the terms of the policy. This means that the insurer will cover a wide range of potential risks, which offers a greater level of protection to the policyholder.

In contrast, named peril policies only cover losses that are specifically listed in the policy. Basic form and broad form policies also limit coverage to specified perils and provide less extensive protection compared to an open peril policy. Therefore, the open peril policy stands out as the most comprehensive choice, addressing a broad array of risks unless they are specifically mentioned as exclusions.