Property insurance covering losses arising from any cause of loss, 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 in the policy as covered.

Although many industry practitioners continue to use the term “all risks” to describe this approach to define the covered causes of loss in a property insurance policy, it is becoming a less used term in insurance policies because of concern that the word “all” suggests coverage that is broader than it actually is. Because of this, some industry practitioners have begun to use the term “open perils” or “special perils” instead of “all risks.”


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