Against All Risks - AAR

An insurance policy that provides coverage against all types of loss or damage rather than specific ones. Exclusions can still be included in an against-all-risks policy, but the insured will be covered against any risks that are not specifically excluded.

Also called "all-risk insurance".

This type of policy is the opposite of a named peril policy, which protects against the specific losses that are named in the policy. An against-all-risks policy provides broad coverage beyond anything that is specifically excluded from the policy. For example, if the policy does not specifically exclude losses resulting from falling space debris (such as satellite parts), the insured is automatically covered for such a loss. The term "all risk" often appears in quotation marks since the coverage includes almost all risks, except for the named exclusions.