Insurance Policies underwritten in non-life insurance can be broadly classified on the basis of perils covered such as (a) Named Perils Cover (b) Multi-Peril Cover (c) All Risks Cover (d) Special Cover. Named Peril Policy, Multi Perils Cover provides coverage on loses incurred to property from perils or events named in the policy. It contains conditions which cover what the insurer thinks is the most likely perils, either a single peril or a multi-peril. Under single-peril if the damage or loss occurs by a peril not mentioned in the policy, then there is no coverage for it. The policy has standard terms, exclusions, conditions and deductibles. Standard Fire and Special Perils Policy, Motor Comprehensive Policy etc can be examples of named perils policy. Can be further classified as those with basic covers and those with add-ons.All Risks Insurance Cover : An “All Risks” policy covers any risk which the contract does not specifically exclude. All Risks covers direct physical loss or damage to the property insured unless the policy specifically excludes or limits the coverage. It is not necessary to name or list the insured perils since the intent is to cover all risks of damage or loss due to accidental circumstances.Special Cover or Package : A policy which combines two or more types of insurance covers into one policy. Commercial insurers sell insurance covers separately and offer policies that combine protection for major property and liability risks in one package. General package policies are created for business that face same kind and degree of risk. Package policy could also be applicable to various segments of customers and include Householders’ Comprehensive Policy, Shopkeepers Comprehensive/Package Policy, Office Package/Umbrella Policy etc.Customized Insurance Policies : Usually known as Customized Policies, Special Contingency Policies or tailor made policies. The need of such policies arise when existing products of insurers do not meet the insured’s requirements. Policies are usually rated individually rated risks as per the “File and Use” guidelines of IRDA. Usually policies are customized for those risks not covered in the list of standard policies, new covers to be insured in addition to existing covers such as Standard Fire Policy supplemented by peril of “Accidental external means,” Event insurance like that for a cricket match where any of the “man-made ” or “Acts of God” perils may result into personal injury, property damage as well as loss of revenue. Personal forms of customized policies such as covering a footballer’s legs or a pianist’s fingers and hands. Tailor made Health Insurance Policy.First Loss Policy : A first loss policy is a property insurance cover in which the policy holder arranges cover for an amount below the full value of items insured and for this the insurer agrees not to penalize him for under insurer.Declaration Policy : Usually issued on stock which are subject to market fluctuations in quantity. Insured is required to take the policy for the highest sum insured that he predicts during the year and pay a provisional premium. The insured has to declare periodically the actual values of stocks. These values are added on the expiry of the policy and premium calculated on average of the values with provision for adjustment of premium. Refund of premium is subject to retention of a minimum per cent age usually 50% of provisional premium paid.Floating Policies : When insured is not able to declare separate value of stock in each godown but is able to declare the total value. Policy covers in one sum stocks stored in different specified godowns. Policy can also be issued combined Declaration and Floating Policy.Insurance, General Insurance Business : Classification on the basis of subject matter of Insurance: