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.
Before we get into what a policy does and doesn't cover, it's important to understand insured perils. A peril is an event or disaster that causes damage to a home or property. Common perils are fire, tornado, and theft. Now that we understand perils, we can answer the question of what is an open peril insurance policy.