What is an “all risks” marine insurance policy?

General Rule:

It is that which insures against all causes of conceivable loss or damage.

Exception:

1. As otherwise excluded in the policy; or

2. Due to fraud or intentional misconduct on the part of the insured. (Choa Tiek v. CA, G.R. No. 84507, Mar. 15, 1990) This type of policy grants greater protection than that afforded by the “perils clause.”