Coverage under “all risk” policy is triggered by fortuitous physical loss or damage to covered property unless limited by policy exclusions.
Most of the coverage litigation involving first-party property "all risk" policies focuses on the exclusions in the policy. But before reaching the exclusions, it is important to first determine whether a loss falls within the insuring agreement, typically "all risks of direct physical loss or damage to covered property." This article analyzes the scope of insuring agreements of this type and then briefly introduces two of the various exclusions often found in these policies.
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