All Risk Insurance

(redirected from Multi-Peril Policies)

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 ?
Merin, who made the announcement on August 3, the $30 million-per-year surcharge is currently 2 percent on all fire policies sold in New Jersey and 1.3 percent on multi-peril policies covering commercial buildings.
Other suggestions include limiting the ability of Citizens to sell multi-peril policies and making it harder for homeowners to switch to Citizens from private carriers.
That's because multi-peril policies often contain a provision that totally excludes coverage for any loss more specifically described by another contract of insurance, then adds excess coverage back.
In addition, the Legislature should re-examine the need for Citizens Property Insurance Corp.'s authority to write commercial non-residential multi-peril policies per Florida statute 627.351 (6)2.a.

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