all risks coverage
Property insurance covering loss arising from any fortuitous
cause except those that are specifically excluded. This is in contrast
to named perils coverage, which applies only to loss arising out
of causes that are listed as covered. Although many industry practitioners
continue to use the term "all risks" to describe this approach to
defining covered causes of loss in a property insurance policy,
it is no longer used in insurance policies because of concern that
the word "all" suggests coverage that is broader than it actually
is. Because of this concern, some industry practitioners have begun
to use the term "open perils" or "special perils" instead of "all
risks." See also: Causes
of loss forms,
Commercial property
policy,
Difference-in-conditions
insurance, Earthquake
coverage, Flood coverage,
Named perils coverage,
Open perils,
Property insurance;
Special perils.
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