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📋 '''All-risk''' describes a category of [[Definition:Insurance policy | insurance coverage]] that protects the [[Definition:Policyholder | policyholder]] against every [[Definition:Peril | peril]] unless a peril is specifically excluded in the policy language. In insurance parlance, the term signals an open-perils approach — rather than listing each covered cause of loss one by one, the [[Definition:Insurance carrier | insurer]] starts from a position of broad protection and then carves out what it will not pay for. This framing is most commonly found in [[Definition:Property insurance | property insurance]], [[Definition:Inland marine insurance | inland marine]], and certain [[Definition:Commercial insurance | commercial]] lines.

⚙️ Under an all-risk form, the burden of proof effectively shifts compared to a [[Definition:Named-peril policy | named-peril policy]]. When a [[Definition:Claim | claim]] arises, the insured needs to demonstrate only that a covered loss occurred; it is then up to the insurer to show that an [[Definition:Exclusion | exclusion]] applies if it wishes to deny the claim. Common exclusions in all-risk property forms include [[Definition:Wear and tear | wear and tear]], [[Definition:Intentional act | intentional acts]], [[Definition:War exclusion | war]], [[Definition:Nuclear exclusion | nuclear hazards]], and sometimes [[Definition:Flood insurance | flood]] or [[Definition:Earthquake insurance | earthquake]] — perils often handled through separate policies or [[Definition:Endorsement | endorsements]]. [[Definition:Underwriter | Underwriters]] price all-risk coverage at a higher [[Definition:Premium | premium]] than named-peril alternatives because the exposure universe is inherently wider.

💡 For commercial buyers and their [[Definition:Insurance broker | brokers]], securing an all-risk form is generally preferable because it closes gaps that a named-peril schedule might inadvertently leave open. It also simplifies the [[Definition:Claims process | claims process]], reducing disputes over whether a particular event fits within a listed category. In the [[Definition:Reinsurance | reinsurance]] context, [[Definition:Treaty reinsurance | treaty]] wordings often mirror whether the underlying book is written on an all-risk or named-peril basis, making the distinction important for [[Definition:Ceding company | ceding companies]] negotiating coverage terms with their reinsurers.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Named-peril policy]]
* [[Definition:Open-peril coverage]]
* [[Definition:Exclusion]]
* [[Definition:Property insurance]]
* [[Definition:Endorsement]]
* [[Definition:Special form coverage]]
{{Div col end}}

Definition:All-risk - Revision history

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