What does All-Risk Policy mean? Read on to discover the definition & meaning of the term All-Risk Policy - to help you better understand the language used in insurance policies.
An all-risks policy is insurance coverage that insures against all possible property casualties, except for specifically excluded risks. It contrasts with named perils coverage, which protects only against listed perils. Because "all" implies broader coverage than the reality, the term is no longer widely used. Many in the industry have switched to using "open perils" or "special perils."
We hope the you have a better understanding of the meaning of All-Risk Policy.