Additional Perils refers to a term commonly used in insurance policies to describe specific risks or hazards that are not covered under standard insurance coverage. These perils are typically excluded from the policy unless specifically added or endorsed by the insured. Examples of additional perils may include earthquakes, floods, hurricanes, acts of terrorism, or other catastrophic events. The purpose of identifying and addressing additional perils is to provide the insured with the option to extend their coverage and protect themselves against specific risks that are not typically covered by their basic insurance policy.
Additional perils refer to risks or hazards that are not covered under a standard insurance policy. These perils may include events such as earthquakes, floods, or acts of terrorism. In some cases, policyholders may have the option to purchase additional coverage for these perils through an endorsement or a separate insurance policy. It is important for policyholders to carefully review their insurance policies to understand what perils are covered and whether additional coverage is needed to protect against specific risks.
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This glossary post was last updated: 29th March 2024.
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