Final Answer:
The Special form of homeowners insurance does not provide coverage on a named peril basis.
Step-by-step explanation:
The Special form, also known as H.O-3, stands out from other policy forms like H.O-1 and H.O-2 because it doesn’t just cover named perils; instead, it works on an open perils basis for the dwelling. While personal property is covered on a named peril basis in an H.O-3 policy, the structure itself is covered for all risks except those specifically excluded in the policy documentation.
This expansive coverage is more comprehensive than the basic forms (H.O-1 and H.O-2) but less comprehensive than the H.O-5, which also covers personal property on an open perils basis. The Special form's flexibility extends to various scenarios, offering broader protection against a wide range of risks, but it's essential for homeowners to review their policies to understand the inclusions and exclusions specific to their coverage.
So, to reiterate, the correct answer is The Special form.