Concept:
A lightning arrester protects electrical equipment from high voltage surges by diverting surge current safely to earth.
Step 1: During lightning or switching surges, a very high voltage may appear on the power system.
Step 2: A lightning arrester provides a low resistance path to the surge current.
Step 3: The surge current is diverted to earth, preventing damage to equipment.
Step 4: Valve type lightning arrester is commonly called a surge diverter because it diverts surge current.
Therefore:
\[
\boxed{\text{Valve type}}
\]