What type of policy provides coverage for all risks unless specifically mentioned?

The correct answer is Open Peril. This type of policy offers comprehensive coverage for various types of risks, meaning it protects against loss or damage from any causes except those explicitly excluded in the policy document.

Open peril policies are advantageous for consumers as they eliminate the need to constantly review a list of named perils that are covered. Instead, the policyholder enjoys a broad spectrum of protection, only needing to be aware of the specific exclusions, which might pertain to certain types of damages or situations that the insurer determines are too risky to cover.

In contrast, named peril policies only cover specific risks that are explicitly listed in the contract. Therefore, if a peril is not mentioned, coverage is not provided. All-risk might be a term often used interchangeably with open peril, but it typically refers to policies that cover a wide range of risks without naming them specifically. Broad coverage generally signifies that more perils are covered compared to basic policies, but it still does not imply the same wide-ranging protections as an open peril policy.