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📋 '''All-risks coverage''' is a form of [[Definition:Property insurance | property insurance]] that covers any cause of [[Definition:Loss | loss]] unless the policy specifically excludes it — the opposite of a [[Definition:Named perils | named perils]] approach, which only pays for losses from causes explicitly listed. In commercial and personal lines alike, all-risks (sometimes called "open perils" or "special form") coverage is considered the broadest protection available, and it shifts the burden of proof: the [[Definition:Insured | insured]] need only demonstrate that a loss occurred, while the [[Definition:Insurance carrier | insurer]] must show that an [[Definition:Exclusion | exclusion]] applies if it intends to deny the [[Definition:Claim | claim]].

⚙️ Under an all-risks policy, the [[Definition:Underwriter | underwriter]] prices the coverage by evaluating the full spectrum of exposures a property faces, then relies on carefully drafted exclusions — for perils like [[Definition:Flood insurance | flood]], [[Definition:Earthquake insurance | earthquake]], war, nuclear hazard, wear and tear, and intentional acts — to carve out risks the insurer is unwilling or unable to cover at the quoted [[Definition:Premium | premium]]. Standard forms such as the ISO [[Definition:Commercial property insurance | Commercial Property]] CP 10 30 (Causes of Loss — Special Form) embody this approach for commercial risks. [[Definition:Policyholder | Policyholders]] can often buy back some excluded perils through [[Definition:Endorsement | endorsements]] or standalone policies, layering coverages to approach truly comprehensive protection.

🔍 The practical advantage of all-risks coverage lies in its treatment of unforeseen or unusual loss events. Because coverage applies by default, the insured is protected even against perils that neither party anticipated at [[Definition:Policy inception | inception]] — a crucial benefit in a world where emerging risks like [[Definition:Cyber insurance | cyber]] incidents or supply-chain disruptions can damage physical property in novel ways. Disputes over all-risks policies tend to center on exclusion interpretation, making clear policy language and thorough [[Definition:Claims handling | claims investigation]] essential. For brokers advising clients, recommending all-risks coverage over named perils is often a straightforward value proposition, especially for high-value commercial properties where a gap in coverage could be financially devastating.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Named perils]]
* [[Definition:Property insurance]]
* [[Definition:Exclusion]]
* [[Definition:Endorsement]]
* [[Definition:Commercial property insurance]]
* [[Definition:Causes of loss form]]
{{Div col end}}

Definition:All-risks coverage - Revision history

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