We often take the forms for homeowners all risks for granted. Historically, "all risks" of a homeowner did not develop until the middle of the 20th century. An article on law review from 1959, All Risk of Loss v. All Loss: An Examination of Broad Form Insurance Coverages was written by the insurance industry's lawyer John Gorman. It discussed this new form of coverage that provided insurance for "all risks of physical loss."
The article cited another source for the new features of the housing risk policy:
An authority that pointed out the desirable characteristics of all risk coverage has summarized the benefits as follows:
(1) the concept of an insurance that covers all conceivable risks is permeated of simple understanding so that the nature and extent of the insured event is easily appreciated by the insured public;
(2) the insurance avoids costly overlap of coverages and doubling of premiums in the interest of the insured.
(3) the insurance provides complete protection by filling in all possible gaps in the coverage;
(4) the concept minimizes the insurer's negative choices; and
(5) the concept promotes insurance economies with regard to the management, marketing, service and collection of premiums, in particular.
The notion that a full risk management policy provides "complete coverage" "is no longer visible today. In, Insurance Gaps – An Increasing Insurance Crisis That Must Be Addressed and Stopped I noted how Professor of Law Jay Feinman has raised issues of protection gaps that also include significant gaps in political coverage.
Still, the 1959 law review article listed a policy for homeowners. Do these exceptions contained in that policy seem easier to read and fewer in number than in all modern forms of risk?
This policy does not insure against:
Under coverage A, B and D-
(a) loss of plumbing or heating systems or their appliances, or through leakage or overflow from such systems or appliances, caused by freezing while the building or buildings described are vacant or uninhabited, unless the said insured has exercised due care with regard to maintaining heat in the building or unless such systems and appliances had been emptied and the water supply shut off during such vacancy or void;
(b) earthquake loss; surface water, floodwaters, waves, tides, tides, high tides, flow of watercourses or watercourses, or sprays therefrom, whether or not driven by wind, or caused by or attributable to earthquakes; unless loss by fire or explosion occurs, and this company is then only liable for such subsequent loss;
(c) loss caused by the enforcement of local or state ordinances or laws governing the construction, repair or demolition of building (s) or structure (s);
(d) loss of retaining walls not forming part of a building when such loss is caused by landslides, water pressure or earthquakes;
Under cover C-
(e) loss or damage caused by moisture in the atmosphere or extreme temperatures unless such loss or damage is directly caused by rain, snow, sleet, hail, blasting of pipes or apparatus; moths, pests and inherent cargo; damage to property (watches, jewelery and furs excluded) caused by or actually resulting from work thereon in connection with repainting, renovation or repair; the exceptions in this paragraph shall not apply to loss caused by fire, lightning, smoke (except from agricultural smearing or industrial activity), windstorm, hail, explosion, aircraft, riot, resurrection, building collapse, earthquake, flood, theft, attempted theft, vandalism, harmful accident , falling objects; landslides, cracking, combustion or bulging of hot water heating systems other than water heating appliances for domestic consumption;
(f) seizure or destruction under quarantine or customs regulations, confiscation by order of any government or public authority, or risk of smuggling or illegal transport or trade;
Under cover A, B, C and D-
(g) loss of termites or other insects; Wear; deterioration; smog; smoke from agricultural contamination or industrial activity; rust; wet or dry route shaping; mechanical degradation; sedimentation, cracking, shrinkage or expansion of sidewalks, foundations, walls, floors or ceilings; unless there is a loss of fire, smoke (other than smoke from agricultural contamination or industrial activity), explosion, landslide, collapse of buildings, water damage or broken glass, and this company is then only responsible for such subsequent loss;  h) loss of theft in or to a dwelling during construction or of timber and materials therefor,
(i) loss due to pollution including such loss of radioactive or fissile material,
(j) with the exception of for fire and lightning (as otherwise provided on page 2 of this policy) any loss caused, directly or indirectly, by: (1) hostile or warlike act in time of peace or war, including measures to prevent, combat or defend against an actual, imminent or expected attack, (a) by any government or sovereign power (de jure or de facto), or by any authority that maintains or. uses military, naval or air force; or (b) by military, naval or air forces; or (c) by an agent of such government, power, authority or force, provided that any discharge, explosion or use of weapons of war using nuclear fission or radioactive force is definitively assumed to be such hostile or warlike act by such government, power; , authority or forces; (2) insurrection, rebellion, revolution, civil war, surprise power or measures taken by the government authority to prevent, combat or defend against such an event.
In my experience, these exclusions are much less complex than today's forms.
What happened to the good old days? And wasn't 1959 the best year ever?
Thought for the day
If you do not have bad times, you can not appreciate the good times .