The term “All Risk” is used to describe a policy covering theft, loss or accidental damage to property.
All risk insurance is widely used in property insurance. It details a list of risks that are covered under a property policy.

All risks insurance is an extension of the fire & special perils policy. Though it is called ‘all risks’ it does not cover the insured against everything, there will be a number of exclusions and conditions, but it sets a broader scope of cover.