Which type of peril coverage is limited to only the perils specifically listed in the policy?

The correct answer is named perils because this type of coverage only includes the specific perils that are explicitly listed in the policy. For instance, if a homeowner's insurance policy names theft and fire as covered perils, then only those events would be covered, and any other risks would not be protected unless they were individually stated in the policy.

In contrast, open perils coverage provides protection against any risk except those that are explicitly excluded, meaning it covers a much broader range of potential losses. Basic perils and broad perils also include specific, predetermined sets of risks, but they do not provide the level of detail that named perils do, as they encompass either a basic or expanded list rather than an exclusive, specified set.

Thus, named perils coverage is focused on providing protection strictly for those incidents that are mentioned in the insurance agreement, ensuring that policyholders have a clear understanding of what risks they are covered for.