All-Risk Coverage

A type of insurance policy that covers claims from any peril not specifically excluded in the contract. This kind of plan is the exact opposite of another kind known as “named peril coverage,” which instead covers losses from only those events spelled out in the policy.

All-risk coverage is a more comprehensive type of insurance plan that covers more claims situations and provides more protection than named peril policies. The advantage here is that the protection is so sweeping in nature that most usual and unusual events are covered. Possible exclusions might include home mold and water damage due to floods, earthquakes, and other types of a natural disasters.

Because of the potential for huge financial loss on the insurance company, most standard insurance policies don’t cover catastrophic events. However, coverage for disaster-type situations can usually be purchased as a rider or separate policy through a regular insurance agent, even if they’re not part of an all-risk coverage plan.


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