Which type of coverage is designed to protect against all risks except specifically excluded events?

The type of coverage designed to protect against all risks except specifically excluded events is known as all-risk (open peril) coverage. This approach offers comprehensive protection, meaning that it covers a wide range of potential perils and incidents unless specifically stated otherwise in the policy exclusions. For example, if an all-risk policy excludes certain types of damage, such as wear and tear or intentional acts, then coverage would only be denied for those specified circumstances.

This type of coverage tends to provide broader protection compared to named-peril policies, which only cover specific risks that are explicitly listed in the policy. Understanding the distinction can be crucial for policyholders when assessing their insurance needs, as all-risk coverage is generally favored for its extensive scope of protection.