What type of policy is designed to indemnify for losses covered by specified risks and not excluded?

The correct choice is the Owner's Policy. This type of policy specifically aims to protect real property owners by providing indemnification against certain losses arising from risks that are detailed in the policy, as well as those that are not explicitly excluded. Essentially, it ensures that the owner has coverage for any claims or issues that might affect their ownership rights, such as undiscovered liens or defects in the title.

While a Title Insurance Policy is a broader term that encompasses various types of coverage, it does not specify that it is designed only for owners, and it can include both owner's and lender's policies under its umbrella. The Lender's Policy serves the interests of the lender, providing coverage primarily for the amount of the outstanding mortgage, rather than for the owner's title interests directly. Flood Insurance specifically addresses risks associated with flooding, rather than title issues, making it irrelevant to the context of title insurance.

Thus, the Owner's Policy is tailored specifically to indemnify property owners against losses from specified, covered risks and does not primarily focus on exclusions.