Property coverage that applies to risks of loss on a general basis, in contrast with policies that cover for specifically identified perils. See Named perils. The old term for open perils was all risks. In an open perils policy, unless the peril/cause of loss is specifically excluded, coverage exits.
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A term used to describe a broad form of property insurance in which coverage applies to loss arising from any fortuitous cause other than those perils or causes specifically excluded. This is in contrast to other policies that name the peril or perils insured against.