Which type of policy limits coverage to specific hazards listed in the policy?

A named perils policy specifically limits coverage to certain hazards that are explicitly listed within the policy document. This means that if a peril is not mentioned, it will not be covered under the policy. This type of policy provides clarity to the policyholder regarding which risks are insured, allowing them to understand their coverage limits effectively.

In contrast, an open perils policy covers any risk that is not specifically excluded, providing broader protection. A comprehensive policy generally refers to a wider umbrella of coverage and may not necessarily correspond with the same parameters as a named perils policy. A special policy is often used interchangeably with an open perils policy but is not specifically tied to the limitations based on named perils. Thus, the key distinction in named perils policies highlights their targeted approach to risk coverage.