An all-risks wording covering property loss from every accidental event except the stated exclusions — the top-level property insurance. The standard product for large companies and large mixed-use facilities.
N2N Insurance Brokerage does not represent any single insurer — it independently represents the client as an FSS-registered broker (Reg. No. 2026-012201). We compare the wordings, rates and service of AIG · Chubb · DB · Hyundai · KB · Meritz to propose the cover and price best suited to your risk. Each insurer's full wording is provided at application and binding.
The top-level property insurance, covering all accidental loss except the stated exclusions on an all-risks basis. The standard product for large companies and large mixed-use facilities.
Every accident except the stated exclusions (reverse-proof) — a dramatic widening over named-perils fire insurance.
Lost turnover and fixed costs during a stoppage from property loss.
Machinery Breakdown (MB) and Electronic Equipment endorsements cover mechanical failure too.
Support for a global Master/Local policy across domestic and overseas sites.
Refining, chemical, semiconductor, auto, steel — holding high-value plant.
Department stores, malls, hotels, IDCs — complex assets and high-value plant.
Fulfilment, large cold stores, bonded warehouses.
| Policy period | 1 year |
|---|---|
| Insurers | AIG · Chubb · DB · KB · Meritz · Hyundai (compared, reinsurance-linked) |
| Sum insured | By replacement value (property + BI) |
| Turnaround | 4–8 weeks (including reinsurance) |
| Channel | Individual consultation with our broker (010-5755-6465) |
If the insured event has already occurred at the time the contract is made, the contract is void. However, where the contract is void due to the company's intent or negligence, or where the company knew or could have known of the nullity before acceptance yet did not refund the premium, the company refunds the premium with interest at the policy-loan rate published by the Korea Insurance Development Institute, compounded annually, for the period from the day after payment to the day of refund.
The specific losses not covered (exclusions) are set out in each insurer's policy wording and product description; on this page, see the “Cover” tab(or the “Losses not covered” section) for the main exclusions. For other cover-specific grounds on which claims are not paid, please refer to the policy wording.
The company provides cover, in accordance with the policy, from the time it accepts the application and receives the first premium. Where the company accepts the application after receiving the first premium with it, cover also begins from the time the first premium was received.
The application must be completed by the policyholder, and the policyholder and the insured must sign it by hand. Failure to sign by hand may result in disadvantages regarding the validity of the contract. On an internet cyber-mall, an electronic signature may be used instead.
The policyholder has the right to be given and have explained the information needed about the product they wish to buy.
The insurer and N2N Insurance Brokerage must explain the important matters of the product to ordinary financial consumers.
When applying, the policyholder, the insured or their agent must disclose truthfully the facts they know regarding the questions in the application (including the questionnaire). Otherwise the claim may be declined or the contract cancelled. Where insurance is taken out by telephone or other means of communication, the duty is performed by answering the seller's questions, which are recorded, without a separate written questionnaire, so answers must be given with particular care.
If, after the contract is made, any of the following arises in respect of the subject-matter insured, the policyholder or the insured must notify the company in writing without delay and obtain endorsement on the policy.
The surrender value is the amount paid if the contract is cancelled early. Unlike bank savings, insurance combines risk protection and savings: part of the premium is paid out as claims to other policyholders who suffer accidents, and part covers the insurer's operating expenses, so the surrender value on early cancellation may be less than the premiums paid, or nil.
Under Article 59-4(1) of the Income Tax Act (special tax credit), for protection-type insurance taken out by an employee only, a tax credit of 12% of the premium paid (capped at KRW 1 million per year) is available. Tax matters may change with amendment or repeal of the relevant tax law.
Except as provided by law, the insurer and N2N Insurance Brokerage do not collect, use, inspect or provide personal data related to this contract — for its conclusion, maintenance and claim payment — without the consent of the policyholder, the insured or the beneficiary. However, for those purposes the insurer may, with the consent of the policyholder and the insured and in accordance with law, provide personal data to other insurers and insurance-related bodies.
The above is a summary and excerpt of the policy wording; for grounds on which claims are not paid and other details, please refer to the policy wording and product description.
Large companies and precise risk management — five types
Many domestic/overseas sites. A single master wording gives integrated management + cover consistency.
Pharma, semiconductor, precision manufacturing. A single-accident loss in the tens-to-hundreds-of-billions area.
Server and comms facilities. A high fire/electrical/environmental-accident risk; review a cyber combination.
High-value lab equipment and research data. The accidental-loss cover-scope core area.
Companies with overseas sites. A global master-wording and reinsurance combination area.
At a large company's R&D centre, some lab equipment suffered accidental loss while backup power was running after a night-time outage. It was not a simple fire, but review was possible under the all-risks wording's comprehensive cover — an accident that ordinary fire or package insurance might have left outside cover. But if the cause had been assessed as facility ageing or management carelessness, it could fall under some exclusions, so regular-inspection records and cause evidence were central to the cover process. A case showing that the all-risks wording's strength — a comprehensive cover scope — proves its worth in accidental loss.
Source: (General industry example)
The wording and structure points decision-makers most often overlook
All risks means 'every risk except the stated exclusions', so war, nuclear, wear, intent, cyber and some natural disasters are usually excluded. A precise review of the exclusion clauses is key; the post-accident "it's all risks, why isn't it covered" misunderstanding comes from not understanding the exclusions.
An all-risks wording sets a high per-accident deductible (millions to hundreds of millions). It is a key premium-negotiation area: too high and the own burden on a mid-sized accident grows; too low and the premium rises steeply. A precise design to the business's risk exposure is essential.
All-risks cover for global multi-country sites differs in scope and limit by country insurer/reinsurance market. Master vs local wording design, currency conversion and territorial-exclusion differences are precise-review areas; assuming a single-country wording for global cover creates a gap.
The questions decision-makers ask most when considering property all risks insurance
It is an all-risks (rather than named-perils) wording covering every accidental loss except the exclusions stated in the policy. A wide range of risks — fire, natural disaster, theft, accidental events — is automatically included, with a far broader scope than ordinary fire or package insurance.
It suits areas needing precise risk management — large and mid-large companies, multi-site operations, high-value assets (data centres, research facilities, pharma, semiconductor), global sites. It provides a scope and limit beyond the limits of an SME standard package.
An all-risks wording still has exclusions. Usually (1) war/political risk, (2) nuclear/radiation, (3) wear, ageing, natural depreciation, (4) intent/gross negligence, (5) cyber accidents (a separate wording) and (6) some natural disasters (varies by wording). 'All risks' means 'every risk except the stated exclusions'.
An all-risks wording usually sets a higher per-accident deductible than fire/package (from millions to hundreds of millions). It focuses on preventing small claims + covering large loss while adjusting the premium; with a large limit, the deductible design is a key negotiation area.
An all-risks wording is usually Korea-territory by default, but a company with multinational sites can combine cover through a territorial-extension endorsement or a global master policy. As cover and insurer differ greatly by country, a global design needs an insurer/reinsurance-market review.
Property all risks usually combines business-interruption loss through a separate BI endorsement. Precise design is possible — indemnity period (12/24/36 months), daily limit, indirect BI from supply-chain disruption or adjacent damage — and a large company's BI design is a consulting area.
The insurer assesses it on asset value, the number and location of sites, sector, risk grade, deductible design, limit, BI combination and global territory, usually linked to the reinsurance market. The exact premium and acceptance are confirmed after underwriting by insurers such as AIG, Chubb, DB, KB, Meritz and Hyundai.
