Definitions for "All-Risk Insurance"
Property Insurance that covers any event causing loss or damage if the ~ language does not specifically exclude such an event. "AII-Risk" is really a misnomer, as all policies have some exclusions. The important advantage of AIl-Risk insurance is that it shifts the burden of proof to the insurance carrier to show that the loss is excluded. (See also Named Perils Insurance which obligates the policyholder to show that the loss falls within the definition of one of the covered perils listed in the policy.)
Insurance in which coverage is not limited to specific events or named perils.
An insurance policy which covers an insured against loss from any peril other than those specifically excluded by the terms of the policy.