all risks insurance

  

Definition

Somewhat misleading name for an insurance policy which, while providing the broadest form of insurance cover, generally excludes losses due to bad packaging, delay, inherent vice, loss of market, etc. Such policies do not name the risks covered but only list the exclusions; all unnamed risks are automatically covered. The term 'All risks' is now being phased out. In marine insurance, for example, the term 'institute cargo clauses (All Risks)' has been replaced with the new term 'institute cargo clauses (A, B, and C)'. Also called all peril insurance, against all risks.

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