Which type of coverage encompasses the most extensive range of risks?

Comprehensive coverage is the type that encompasses the most extensive range of risks. This type of insurance policy provides protection against a wide array of potential hazards, other than those specifically excluded in the policy. Comprehensive coverage typically protects against all risks of physical loss or damage unless explicitly stated otherwise.

Open peril coverage effectively means that all risks are covered except for those specifically excluded from the policy. While this may seem similar to comprehensive coverage, the terminology can vary between insurers and policies. Essentially, open peril can be seen as a comprehensive form of coverage, offering extensive protection but could be limited based on exclusions which can vary significantly from policy to policy.

Basic coverage would cover only a limited set of perils that are explicitly listed in the policy, thus providing minimal protection when compared to more extensive options. Named peril coverage specifies particular risks that are covered, which inherently limits the extent of protection compared to open peril policies.

Given that open peril coverage provides broader protection against risks than basic and named peril coverages, it is justified as encompassing a more extensive range of risks. However, both basic and named peril options are significantly narrower in scope, focusing only on specified hazards.