All Risk Policy

The marine open policy that Seaboard issued to New World was an all-risk policy. Such a policy insured against all causes of conceivable loss or damage except when otherwise excluded or when the loss or damage was due to fraud or intentional misconduct committed by the insured. The policy covered all losses during the voyage whether or not arising from a marine peril (New World International Development (Phils.), Inc. Vs. Nyk-FilJapan Shipping Corp., et al./New World International Development(Phils.), Inc. Vs. Seaboard-Eastern Insurance Co., Inc.,
G.R. No. 171468/ G.R. No. 174241. August 24, 2011).