All Risk Insurance

(redirected from Multiperil Policy)

All Risk Insurance

Marine cargo insurance which covers most perils except strikes, riots, civil unrest, capture, war, seizure, civil war, piracy, loss of market, and inherent vice.

All Risk Insurance

An insurance policy that covers all possible claims not specifically excluded. All risk insurance is found only in property insurance. Homeowners insurance in sometimes all risk insurance. If one's homeowners insurance is an all risk policy and the house burns down, the insurance policy covers it unless the agreement states categorically that it will not cover destruction by fire. All risk insurance is usually quite expensive.
References in periodicals archive ?
McSherry, who insures farms as small as 20 acres to those as large as 3,000 to 4,000 acres, encourages agents to thoroughly understand the differences in the multiperil policy forms, as they are complicated.
Private insurers should be able to offer a multiperil policy (sometimes called an "all risk" policy) that includes losses due to flood, earthquakes, tornados and other kinds of catastrophes that are now often excluded.
Although the risk manager doesn't say whether the contracts are written on standard forms, the multiperil policy he describes doesn't match the coverages available under any form in the Insurance Services Office portfolio, so it is likely a proprietary form.