Imminent peril is part of Extra Expense (EE) coverage. EE itself is similar to Business Interruption insurance, except that it will not cover loss of income, but rather if you suffer an insured loss, it will pay for the extra costs to get your production back to filming as soon as possible. It will also reimburse you for extra costs incurred because something out of your control has prevented you from filming.
‘Imminent peril’ is defined in the policy as “We will pay for expenses you incur to avoid a loss insured under this policy due to imminent peril to the extent that such expenses serve to avoid such loss.” It will pay for the damage you cause to prevent further damage.
NB: As with most other coverages, there are some standard exclusions that apply to Extra Expense coverages. Please see the policy wording for a full description of the coverage, or call a specialized film insurance broker such as Front Row Insurance.
See also: Civil Authority Coverage Explained