What type of policy covers "any risk of loss" that is not specifically excluded?

An open peril policy provides coverage for any risk of loss that is not specifically excluded in the policy terms. This type of policy is comprehensive, meaning it protects against a broad range of risks and will cover various incidents unless the policy explicitly lists exclusions. For example, if a peril is not mentioned in the exclusions section, it will be covered under an open peril policy, thereby giving the insured a broader safety net compared to named peril policies, which only cover specific risks outlined in the policy.

In contrast, named peril policies limit coverage to only those risks that are specifically listed, leaving gaps for any perils not mentioned. Additionally, terms like "basic form" and "special form" can refer to specific types of coverage arrangements within broader insurance products but do not encapsulate the overarching protection offered by an open peril policy. Thus, the open peril policy is ideal for those seeking maximum coverage flexibility.