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📑 '''All-risk insurance''' is a form of [[Definition:Insurance policy | insurance]] that covers every cause of loss except those specifically excluded in the contract, making it one of the broadest protection structures available in both [[Definition:Personal lines | personal]] and [[Definition:Commercial lines | commercial lines]]. It is sometimes marketed under labels such as "open-peril" or "[[Definition:Special form coverage | special form]]" coverage, but the operative principle remains the same: coverage exists by default, and only enumerated [[Definition:Exclusion | exclusions]] restrict it. The concept is foundational in [[Definition:Property insurance | property insurance]] and increasingly relevant in emerging lines where new risks resist neat categorization.

⚙️ Operationally, all-risk insurance shifts the analytical burden during [[Definition:Claims process | claims handling]]. Once the [[Definition:Policyholder | policyholder]] establishes that a loss occurred and falls within the policy period, the [[Definition:Insurance carrier | insurer]] must point to a specific exclusion to deny payment. This contrasts sharply with a [[Definition:Named-peril policy | named-peril]] structure, where the claimant must prove the loss resulted from one of the perils listed. Because the coverage net is wider, [[Definition:Premium | premiums]] for all-risk insurance tend to be higher, and [[Definition:Underwriter | underwriters]] rely heavily on tailored exclusion language — often refined through [[Definition:Manuscript policy | manuscript]] forms — to manage their exposure to correlated or catastrophic events.

💡 From a market-structure standpoint, all-risk insurance has become the benchmark expectation for most sophisticated insurance buyers. Large corporate [[Definition:Risk manager | risk managers]] and their [[Definition:Insurance broker | brokers]] generally default to all-risk placements and then negotiate the exclusion schedule, rather than building coverage up from a named-peril base. This dynamic has downstream effects on [[Definition:Reinsurance | reinsurance]] programs, [[Definition:Catastrophe modeling | catastrophe modeling]] assumptions, and even [[Definition:Insurtech | insurtech]] product design, where startups attempting to simplify policy language still need to grapple with the open-versus-named-peril framework that underlies traditional forms.

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

Definition:All-risk insurance - Revision history

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