Among the different types of insurance, there are also all-risk policies, which cover various possibilities becoming very advantageous.
All risk policies, also known as multi-risk policies, are all-round insurance policies, capable of covering a series of possibilities. Sometimes they are also called "complete insurance", precisely because of this particularity.
With the signing to an all risk policy in fact you can protect yourself, your assets, and your business, in a single contract and through the payment of a single insurance. In this way, it will be possible to enjoy total coverage, except for the specific cases that may be provided for by the contract itself.
Let’s see in the following article what exactly an all risk policy is, what the uncovered events and claims may be.
What is the all risk policy
The all risk policy can be considered the opposite of a common insurance. If all risks and covered eventualities are specified in the contract under normal insurance, the all-risk policy works the other way around. The coverage of the insurer is total, except for the contingencies specifically mentioned in the contract itself.
The excluded eventualities are agreed at the time with the customer, so usually every single all risk policy is different from the others.
It is therefore complete insurance, for various cases, where the possibilities not covered must be explicitly mentioned in the contract. For example, those events and claims caused by exceptional events will have to be entered, if you want them to be non-compensable.
Advantages of all risk insurance
These policies are often subscribed by companies, precisely because the damages and eventualities they may encounter are manifold, from theft, to accidents at work, to fire risks, or damage due to atmospheric events .
However, all risk policies are also suitable for private individuals. For example, one can stipulate one on the house, which will thus cover all eventualities, except those specifically excluded within it.
The advantages of all risk insurance therefore, as you can guess, are precisely in the possibility of having total, or almost total, coverage. Those who find themselves in situations with different risks, perhaps even out of the norm, can count on complete protection, both for direct and indirect damages.
All risk policy: most common types
As mentioned, all-risk insurance tends to be all slightly different from each other. However, there are still some more common and more requested types.
- All risk accident policy, which covers any damage suffered by people at any time, both in the workplace and in private life;
- all risk policy for civil liability, which protects the policyholder against expenses for any civil lawsuits or damages caused to third parties;
- all risk construction site policy, also known as car policy, which protects the construction site from the moment of opening, until the conclusion of the works, in its entirety;
- company all risk policy, which covers damage caused by things or people within your company.
However, there are many other types of similar policies, suitable for both companies and individuals.
What is not covered by the all risk insurance
The eventualities not covered by these policies are usually chosen directly with the customer, and must be included in the contract.
Generally, however, not included are:
- damages and claims caused by dolo (therefore voluntarily);
- damage caused by natural disasters;
- risks deriving from wars;
- damage considered foreseeable, therefore caused by wear or lack of maintenance.
This list is not to be considered complete, and each insurance may add or remove options, also according to the needs of the individual customer.
Choose and save on the all risk policy
To choose the all risk policy that’s right for you, you need to have a good understanding of your needs and the possible risks you run.
The first step is therefore to turn to professionals asking for a quote, possibly by consulting different realities, also evaluating non-"all risk" options.
Later it will be necessary to take into account the excluded eventualities, and the probability that they occur, thus taking into account the pros and cons.
Once an offer has been made it doesn’t necessarily have to be this forever, you can also discuss with the insurer, to try and get a better offer.
Original article published on Money.it Italy 2023-05-11 14:46:00. Original title: Cosa sono le polizze all risk e quando convengono?
