Named-peril protects a project against which of the following?

Named-peril insurance specifically covers risks that are explicitly listed in the policy. In the case of this question, fire and lightning are considered named perils, meaning they are specifically included in the coverage. This type of insurance is typically employed in construction projects to provide financial protection against certain well-defined risks.

Fire is a common peril that can cause significant damage to buildings and materials, making it a critical consideration for any construction project. Lightning, which can also lead to fires and electrical damage, is similarly covered under named-peril policies.

In contrast, flooding and earthquakes are not universally part of standard named-peril coverages and often require separate policies or endorsements to be covered. Identity theft, while a serious concern, does not pertain to physical damage to a project and is not relevant in the context of construction risk insurance.