All-risk vs. specified peril policies:

The "specified peril" policies differ from "all-risk" policies in that they cover only those perils identified in the policy, whereas an "all-risk" policy covers all perils, except for those specifically excluded. In other words, an "all-risk" policy will cover much more than a "specified-peril" policy, but will also cost more. An example of the type of coverage included in a "specified peril" policy, would be a policy that specifically covers direct physical loss or damage to property by lightening. Notice that this type of policy would likely only cover damage by lightening if it hit the building, as apposed to hitting the building next door, which catches fire and then burns your building down. On the other hand, an "all-risk" policy would insure against "all" risks of direct physical loss to property, unless the policy specifically identifies something it doesn't cover. So in the example above, if lightening hit the building next door, which caused a fire that burns your project down, it would likely be covered by insurance unless the policy specifically stated that fire damage is not covered. Therefore, an "all-risk" policy does not detail what risks are covered, as the default coverage is "everything" unless otherwise stated in the policy.

General "all-risk" coverage:

This extremely broad insurance coverage covers a loss due to almost anything, unless due to intentional acts, fraud, or unless the policy contains specific exclusions from coverage. Therefore, the most important part of the all-risk insurance policy is the "exclusions" section. While not every "all-risk" insurance policy is the same, most cover fire, windstorm, lightening or even explosions, and may also include theft, collapse, water damage, snow damage, and costs associated with the repair, such as debris removal and demolition