AllRisk

Allrisk, also written as all-risk or open-perils insurance, is a form of property and casualty policy that covers all physical loss or damage to insured property unless a specific exclusion applies. It contrasts with named-peril policies, which cover only the perils expressly listed in the contract.

In practice, allrisk coverage is used for a variety of lines, including equipment and contingency property, transit cargo, artworks and jewelry, and certain travel or event policies. It provides broad protection against accidental damage and theft arising from ordinary use, subject to policy terms, limits, and geographic scope. The premium tends to be higher than for comparable named-peril coverage because of the wider protection, but the actual cost depends on the item, its value, and risk factors.

Common exclusions are defined in each policy but typically include wear and tear, gradual deterioration, inherent vice, contamination, fraud or loss due to illegal activity, intentional damage, government action, war or nuclear events, and damages not caused by a covered peril or not reported properly. Some high-value items may require appraisals or riders to extend coverage to full value.

Claims are submitted with evidence of loss or damage. The insurer evaluates the claim against the policy, potentially assigns an adjuster, and pays compensation up to applicable limits after deductibles and sublimits are applied.