Final answer:
An all-risk or open perils insurance policy covers all risks of physical loss to a dwelling, except for those explicitly excluded, offering comprehensive protection.
Step-by-step explanation:
The dwelling policy that provides coverage for all risks of physical loss, unless excluded, is known as all-risk or open perils insurance. This type of policy is comprehensive and pays out when the dwelling is damaged or burglarized. Unlike named perils policies that list specific risks covered, an all-risk policy covers a broader spectrum and only excludes risks specifically mentioned in the policy. This ensures the policyholder has significant protection for their property.