Coverage by an insurance contract that promises to cover all losses except those losses specifically excluded in the policy. To be covered for damage or loss under a "basic" contract, the damage or loss must be caused by a peril that is "named" or listed in the contract. Consequently, if damage or loss is caused by a peril that is not named, there is no coverage. In an All-Risks Policy, coverage is provided unless specifically excluded. The contract's exclusions must be considered in determining coverage. See also Named Perils and Special Risk Insurance.