Which of the following is true regarding the DP-3 policy?

The DP-3 policy, also known as the Special Form policy, is recognized for offering the most comprehensive coverage among dwelling policies. It provides open peril coverage for the dwelling and other structures, meaning it covers any risks to property that are not explicitly excluded in the policy. This broad approach effectively protects homeowners against a wide variety of threats, such as theft, vandalism, and natural disasters, unless specifically mentioned as exclusions.

In contrast, the other options do not accurately reflect the characteristics of the DP-3 policy. For instance, it does not exclusively cover named perils; rather, it covers all perils except for those excluded. Additionally, it includes fire coverage rather than excluding it, which is an essential component of property protection. The notion of providing limited protection is also inconsistent with the DP-3 policy, as it aims to offer extensive safeguards instead.