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🛡️ '''All-risks''' is an insurance coverage concept describing a policy structure that protects the insured against all causes of physical loss or damage unless a specific exclusion applies. In the insurance industry, the term signals a fundamentally different approach from [[Definition:Named-peril policy | named-peril]] coverage: rather than listing every covered event, an all-risks form presumes coverage and then carves out defined exceptions. This framework is employed across multiple [[Definition:Line of business | lines of business]], including [[Definition:Property insurance | property insurance]], [[Definition:Marine insurance | marine insurance]], [[Definition:Cargo insurance | cargo insurance]], and certain [[Definition:Inland marine insurance | inland marine]] and [[Definition:Fine art insurance | fine art]] policies.

⚖️ Under an all-risks structure, the [[Definition:Policyholder | policyholder]] need only demonstrate that a covered loss occurred — the [[Definition:Burden of proof | burden of proof]] then shifts to the [[Definition:Insurance carrier | insurer]] to show that the cause falls within an exclusion. Common exclusions typically address inherent vice, gradual deterioration, wear and tear, intentional acts, nuclear hazards, war, and — in many modern wordings — [[Definition:Cyber risk | cyber]] events and pandemic-related losses. The specific exclusion language varies considerably by jurisdiction and market: [[Definition:Lloyd's of London | Lloyd's]] and London market wordings have their own conventions, U.S. commercial property forms follow [[Definition:Insurance Services Office (ISO) | ISO]] or manuscript approaches, and Asian markets often adapt London or local standard clauses. [[Definition:Underwriter | Underwriters]] price all-risks coverage at higher [[Definition:Premium | premiums]] than named-peril equivalents because the scope of potential [[Definition:Claim | claims]] is inherently broader.

💡 The practical significance of the all-risks concept extends well beyond policy wording. It shapes how [[Definition:Claims adjuster | claims adjusters]] investigate losses, how courts interpret coverage disputes, and how [[Definition:Reinsurance | reinsurers]] structure their treaty protections. In jurisdictions such as England, the United States, and Australia, decades of case law have refined the boundaries of what "all risks" truly encompasses — for example, whether defective design constitutes an insured peril or an excluded one. For [[Definition:Risk manager | risk managers]] and [[Definition:Insurance broker | brokers]] advising commercial clients, understanding the all-risks framework is essential to ensuring that coverage gaps are identified and addressed, whether through policy endorsements, [[Definition:Difference in conditions (DIC) | difference-in-conditions]] wraps, or bespoke manuscript wordings.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Named-peril policy]]
* [[Definition:All-risks policy]]
* [[Definition:Exclusion]]
* [[Definition:Property insurance]]
* [[Definition:Difference in conditions (DIC)]]
* [[Definition:Burden of proof]]
{{Div col end}}

Definition:All-risks - Revision history

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