Which type of insurance covers all risks including theft unless specifically excluded?

The type of insurance that covers all risks, including theft, unless specifically excluded is known as Special Form Coverage. This form of insurance is often referred to as "all-risk" or "open-perils" coverage, meaning it provides a broad range of protections that include losses resulting from any risks not explicitly listed as exclusions. This is advantageous for businesses or individuals who want extensive coverage against unexpected events.

Special Form Coverage is designed to cover a variety of potential liabilities and risks, providing greater peace of mind compared to other types of coverage, which may only apply to specific listed risks. For example, it may cover damage caused by natural disasters, accidents, and theft, while other forms of coverage are more limited and focus on specific perils.

The context in which Special Form Coverage operates is essential for understanding its benefits, especially for those in the legal profession or managing legal risks. In contrast, Basic Form Coverage typically covers only a limited number of specified perils, while Named Perils Coverage also only covers risks explicitly listed in the policy. Comprehensive Coverage usually refers to specific areas such as auto insurance and may not encompass the broad range of risks like Special Form does. Thus, the correct understanding of insurance coverage types is crucial for effectively managing legal risks and ensuring adequate