Want to know how all risks insurance works in Canada?
Have you heard the term “all risks insurance” and wonder if it really exists? Taken literally, “all risks” insurance sounds like it should do essentially that – cover all risks. That’s actually not the case. In fact, all risks coverage actually just describes the scope of coverage that’s provided within a Canadian commercial property insurance policy. Demystifying insurance terms and explaining the intricacies of coverage is why we write these posts. Read on to understand the basics of all risks insurance.1
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So what exactly is “all risks insurance” anyways?
A commercial property policy can be written in multiple ways, including named or specified perils or all risks. Also referred to as all perils coverage, all risks insurance means that all perils causing property damage are covered – unless they are excluded.
By contrast, what’s known as a named perils insurance policy only covers the specific perils listed in the policy wording.
While many insurance industry practitioners use the term “all risks insurance” to describe covered causes of loss in a property insurance policy, you won’t find it in any insurance policy. This is because the phrase “all risks insurance” suggests that the coverage is broader than what it actually is.
This is why you may hear the terms “all perils”, “special perils” or “open perils” to describe “all risks”.2
Related Matters: Named perils coverage explainedALIGNED Insurance
Why your coverage should align with your risks
When you are buying commercial insurance coverage you want to get as many risks as possible covered. Because all risks insurance doesn’t really exist, if you are googling and trying to find it in Canada, you won’t.
Instead what you need are commercial insurance products that align directly with your organization’s risk exposures.
Our experienced Canadian brokers are specifically trained to not only identify your risks but help you prioritize the risks that your organization faces. Your dedicated ALIGNED broker will work with more than 65+ top Canadian insurance companies to secure the best coverage options for all risks you want to insure.
While “all risks insurance” that covers any and all types of losses doesn’t exist, we can help you find the best value and options in the marketplace.
Talk to an ALIGNED broker about your commercial coverage options
As a leading Canadian commercial insurance brokerage, we strive to simplify the insurance buying process. You can click here to get a traditional insurance quote from one of our expert brokers. We’ve also pre- offer 250+ fully online commercial insurance products. Each one of these products can be purchased instantly online now.
We’re here to help you find the BEST commercial insurance…
Our team of insurance brokers is available to help answer any and all questions you might have about all of our commercial insurance products. If you have a question about business insurance, are uncertain about what a particular coverage term means, or simply want to find commercial insurance that directly aligns with your needs, don’t hesitate to call us toll-free at 1-866-287-0448.
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