Definitions for "All-Risks Policy"
to insure
Contract of insurance coverage that promises to cover all losses except those specifically excluded in the policy.
Coverage by an insurance contract that promises to cover all losses except those losses specifically excluded in the policy. To be covered for damage or loss under a "basic" contract, the damage or loss must be caused by a peril that is "named" or listed in the contract. Consequently, if damage or loss is caused by a peril that is not named, there is no coverage. In an All-Risks Policy, coverage is provided unless specifically excluded. The contract's exclusions must be considered in determining coverage. See also Named Perils and Special Risk Insurance.