01 / The meaning
What it means.
These labels appear in international material and some specialist Australian policies. Australian commercial property documents may instead describe accidental damage or use another defined heading. The actual insuring clause matters more than the shorthand. Even broadly framed cover can exclude deterioration, faulty workmanship, particular causes, certain property or circumstances outside the declared business and locations.
Compare this approach with named perils, where listed events must cause the loss. The difference does not establish that one product is suitable for every business. Examine the important scenarios, how exclusions interact and whether particular benefits have separate sublimits. Ask for an explanation of the claim requirements rather than assuming that the words all risks reverse every evidential issue.
02 / Put it in context
A practical example.
Hypothetical example: A workshop buys a property section described as broad accidental damage cover. A machine stops because of gradual internal wear. The broad heading does not settle the claim; the cause, equipment provisions and wear-and-tear exclusion need review.
This example illustrates the term. It does not predict a claim outcome.
03 / Read the detail
What to check.
- Read the insuring clause beneath the all-risks or accidental-damage label.
- Check exclusions for causes, property types and operating circumstances.
- Compare key scenarios against any specialist equipment or breakdown section.
04 / Start a useful conversation
A question for your broker.
What significant losses remain outside this broadly described cover?
05 / Connect the terms
Keep the meaning in context.
06 / Apply it to your business
Related insurance guides.
Further reading
Read the source guidance alongside the relevant policy wording.
General information only. This does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you. Cover is subject to insurer acceptance and the policy terms, conditions, limits and exclusions. Read the Financial Services Guide and the relevant PDS (where applicable) and/or policy wording before deciding.
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