Which type of insurance provides coverage for losses arising from certain specified events?

The correct answer is the named-peril policy, which specifically provides coverage for losses resulting from specified events that are listed in the policy. This type of insurance clearly defines the perils or events that are covered, such as fire, theft, or vandalism. If a loss occurs due to an event that is not named in the policy, then coverage would not be provided, making it essential for policyholders to understand the limitations of their coverage.

Named-peril policies are particularly useful for individuals or businesses that want to limit their coverage to specific, well-defined risks rather than having broader coverage that might include more potential events. This specificity helps in managing the risk and understanding the scope of protection available.

In contrast, while comprehensive insurance generally covers a wide range of risks, it does not operate on a named-peril basis; instead, it often includes a broader array of protections that can be beneficial depending on the circumstances. All-risk policies cover all types of risks except those that are specifically excluded, which differs from the narrow scope of named-peril policies. Liability insurance provides coverage for legal responsibilities to others, but not for specific loss events as described in the question.

Understanding these differences is crucial for selecting the appropriate coverage based on individual needs and circumstances.