What is a 'peril' in property insurance?

A PERIL is the CAUSE of a loss — the event that causes damage, such as FIRE, THEFT, WINDSTORM, HAIL, lightning, vandalism, or water damage. Property insurance/policy concepts. NAMED-PERIL policies cover ONLY the perils specifically listed in the policy (if it's not named, it's not covered); OPEN-PERIL (all-risk) policies cover all perils EXCEPT those specifically EXCLUDED (broader coverage). EXCLUSIONS are perils the policy does NOT cover (commonly flood and earthquake, which require separate policies). A HAZARD is something that increases the chance or severity of a loss (e.g., storing flammables). Knowing that a peril is the cause of loss (and named-peril vs open-peril) is fundamental property insurance knowledge.