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🛡️ '''All-risks insurance''' is a form of [[Definition:Property insurance | property]] or [[Definition:Marine insurance | marine]] coverage that insures against loss or damage from any peril unless specifically excluded by the [[Definition:Insurance policy | policy]] wording, in contrast to named-perils policies that respond only to hazards explicitly listed. The distinction is fundamental to how [[Definition:Underwriter | underwriters]], [[Definition:Broker | brokers]], and policyholders negotiate coverage scope: under an all-risks form, the burden of proving that a loss falls within an exclusion rests with the insurer, whereas under a named-perils form, the policyholder must demonstrate that the cause of loss matches one of the enumerated perils. This structural difference gives all-risks policies a significantly broader scope of protection, which is why they command higher [[Definition:Premium | premiums]] and remain the preferred form for high-value commercial, industrial, and cargo risks.

📋 Despite its name, all-risks insurance does not cover literally everything. Every all-risks policy contains a list of [[Definition:Exclusion | exclusions]] — typically including wear and tear, inherent vice, intentional damage, [[Definition:War risk | war]], [[Definition:Nuclear risk | nuclear]] hazards, and often [[Definition:Flood insurance | flood]] or [[Definition:Earthquake insurance | earthquake]] unless bought back by endorsement. The scope of excluded perils and the precise wording of exclusion clauses vary by market and line of business. In the London market, for instance, all-risks [[Definition:Marine cargo insurance | marine cargo]] wordings have been refined over centuries through [[Definition:Institute Cargo Clauses | Institute Cargo Clauses]] (A) — the broadest standard form — while commercial property all-risks wordings in the U.S. market often follow [[Definition:Insurance Services Office (ISO) | ISO]] special-form templates, and markets in Asia frequently adopt adaptations of London or local standard wordings. [[Definition:Claims adjuster | Claims adjusters]] working under all-risks policies often focus on exclusion analysis: once a [[Definition:Fortuitous loss | fortuitous loss]] is established, coverage applies unless the insurer can demonstrate that a specific exclusion is triggered.

💡 Choosing between all-risks and [[Definition:Named-perils insurance | named-perils]] coverage is one of the most consequential decisions in a [[Definition:Risk management | risk management]] program. For complex commercial and industrial operations, all-risks forms provide peace of mind against unforeseen events that might not fit neatly into a pre-defined peril list — a key advantage in an era when emerging exposures like [[Definition:Cyber risk | cyber-physical]] damage or supply chain disruptions challenge traditional peril classifications. [[Definition:Reinsurer | Reinsurers]] closely analyze whether ceded portfolios are written on an all-risks or named-perils basis, because the broader coverage form introduces greater uncertainty into [[Definition:Loss development | loss development]] patterns. For buyers, the all-risks form simplifies the claims process by eliminating the need to match each loss event to a specific named peril, but it demands careful attention to the exclusion schedule — because in an all-risks policy, what is not excluded is what truly defines the coverage.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Named-perils insurance]]
* [[Definition:Property insurance]]
* [[Definition:Exclusion]]
* [[Definition:Institute Cargo Clauses]]
* [[Definition:Marine insurance]]
* [[Definition:Special form]]
{{Div col end}}

Definition:All-risks insurance - Revision history

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