Property all risks insurance is a comprehensive property insurance plan featuring a wider scope of coverage. The plan will compensate for damages to the insured's property due to fire, floods, typhoons, theft, and robbery.
Not all risks are insured under property all risks insurance. There are exclusions, which include inevitable loss such as wear and tear, depreciation, etc. Losses arising from war or nuclear risk are also excluded.
The premium of property all risks insurance will invariably be based upon a rate applicable to the sum insured, with different rates for different geographical areas of cover and the insured property.