Same-day delivery for local parcels (such as documents) has long been available by local courier. Rail and air transport made same-day delivery feasible over longer distances; for example, packages shipped in the early morning can be delivered (at relatively high cost) anywhere in the mainland United States.
A multi-peril policy is an insurance policy that covers a number of different causes of loss, rather than just one. These types of policies provide comprehensive coverage and are common in property insurance. Many insurance policies only offer coverage for one type of peril. For example, earthquake insurance may only cover earthquakes.
The HO3 Insurance Policy is a Hybrid Policy. The HO3 insurance policy is a hybrid of an open perils policy and a named perils policy. With the HO3, your home is covered on an open perils basis and your contents (personal property) are covered on a named perils basis.