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✈️ '''Hull all-risks insurance''' is a form of [[Definition:Property insurance | property]] coverage used predominantly in [[Definition:Aviation insurance | aviation]] and [[Definition:Marine insurance | marine insurance]] that protects the physical structure of an aircraft or vessel against loss or damage from all perils unless specifically excluded by the [[Definition:Policy | policy]]. Unlike named-perils coverage, which only responds to losses caused by risks explicitly listed in the policy wording, an all-risks basis places the burden on the [[Definition:Insurance carrier | insurer]] to prove that a loss falls within an exclusion — a distinction that gives the insured significantly broader protection. In aviation, hull all-risks coverage typically insures the airframe, engines, and installed equipment against damage on the ground and in flight, while marine hull all-risks extends similar breadth to vessels and their machinery.

⚙️ Policies are generally written on agreed-value or [[Definition:Insured value | insured value]] terms, meaning the insurer and insured establish the hull's value at inception, which becomes the maximum payout in the event of a [[Definition:Total loss | total loss]]. [[Definition:Deductible | Deductibles]] apply to partial losses, and their structure can vary — aviation hull policies often feature a per-occurrence deductible, while marine hull policies may use franchise deductibles below which no claim is payable. Typical exclusions in hull all-risks policies include wear and tear, gradual deterioration, war and allied perils (which are covered under separate [[Definition:War risk insurance | war risk]] policies), [[Definition:Nuclear exclusion | nuclear]] events, and sometimes [[Definition:Cyber risk | cyber]]-related damage depending on market conditions. The [[Definition:Underwriting | underwriting]] process relies heavily on the asset's age, maintenance history, operator experience, geographic operating area, and usage profile. In aviation, the London market and a small number of global specialty [[Definition:Underwriting | underwriters]] dominate hull all-risks placement, while marine hull risks are spread across London, Scandinavian, Asian, and other specialty markets.

🌍 Hull all-risks coverage sits at the core of aviation and marine fleet operators' [[Definition:Risk management | risk management]] programs, and the ability to secure it on competitive terms directly affects asset financing and leasing arrangements. Lenders and lessors universally require hull all-risks insurance as a condition of financing, with the financier named as a [[Definition:Loss payee | loss payee]] or [[Definition:Additional insured | additional insured]]. The pricing of hull all-risks insurance is cyclical and closely tied to catastrophic loss experience — a series of major hull losses, whether from airline accidents or maritime casualties, can tighten capacity and drive [[Definition:Premium | premium]] increases across the global market. For [[Definition:Reinsurance | reinsurers]], hull all-risks portfolios represent concentrated, high-severity exposures that require careful [[Definition:Accumulation risk | accumulation]] management, particularly when multiple aircraft or vessels are exposed at a single location such as an airport or port.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Aviation insurance]]
* [[Definition:Marine insurance]]
* [[Definition:Hull and machinery insurance]]
* [[Definition:War risk insurance]]
* [[Definition:Total loss]]
* [[Definition:Agreed value]]
{{Div col end}}

Definition:Hull all-risks insurance - Revision history

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