What type of policy covers all risks unless specifically excluded?

An open peril policy, also known as an all-risk policy, is designed to provide coverage for all types of risks and perils unless specifically excluded in the policy itself. This means that the insured is protected against a wide range of potential losses, offering a broader scope of coverage compared to other policies that may only cover specific perils.

Named peril policies, on the other hand, only cover risks explicitly listed in the policy. If a risk is not named, it is not covered, which limits the protection compared to an open peril policy. Liability policies typically cover legal responsibility for damages or injuries to others rather than property protection, and individual coverage policies can vary by the specifics they cover but do not inherently provide the all-encompassing nature of an open peril policy.

Therefore, an open peril policy is the most comprehensive option, making it the correct choice.