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What is “All Risks” Insurance Policy

Chapter 7
Handbook of Research on Disaster Management and Contingency Planning in Modern Libraries
A type of property insurance policy that covers all losses that arise during the term of the policy except those listed as exclusions. Fine art insurance policies generally include coverage for theft, damage by water, and damage resulting from natural disasters. Policies typically exclude coverage for damage caused by nuclear incidents, acts of war, employee dishonesty, improper packing, and general wear and tear. “All risks” policies are different from “named peril” policies because these contracts cover everything besides the named exceptions, and “named peril” agreements cover only the risks specifically enumerated in the policy.
Published in Chapter:
Disaster Management and Exhibition Loans: Contingency Planning for Items on Display
Patti Gibbons (University of Chicago Library, USA)
Copyright: © 2016 |Pages: 25
DOI: 10.4018/978-1-4666-8624-3.ch007
Abstract
Materials on loan to libraries and other cultural heritage institutions are very often historically significant, highly valuable, and frequently irreplaceable, yet traditional disaster management planning literature does not address the additional needs that items loaned for exhibitions present. In the event of an unforeseen incident, this omission leaves loan participants vulnerable to risk and exposed to potential loss. Disaster preparedness and response policies that address risks presented by exhibition loans, and that detail procedures for these materials, can help libraries minimize the potential loss of often prized and high profile borrowed materials in the event of an emergency. The chapter provides information and guidelines on how to address the needs of loaned materials into institutional contingency planning.
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