All Risks Insurance
Definition - What does All Risks Insurance mean?
All risks insurance is a type of property or casualty insurance policy that covers any peril, as long as the contract does not specifically exclude it from coverage. Thus, as long as a peril is not listed as an exclusion, it is covered.
All risks insurance may also be known as all risk insurance.
Insuranceopedia explains All Risks Insurance
All risks insurance is among the most inclusive insurance coverage available, and in this case, it is priced more as compared to other types of insurance that cover only certain perils, such as named peril policies. The specific cost depends on the probability of claims being made.
Specific practitioners often use different terms, such as "special perils" or "open perils," instead of all risks insurance, which is generally being phased out.