Which type of insurance covers physical damage and liability and tends to have broad coverage?

The correct answer is All-Risk Insurance. This type of insurance is designed to provide comprehensive coverage for physical damage and liability, making it a broad and inclusive option for policyholders. All-Risk Insurance typically covers all perils except those that are specifically excluded in the policy. This means that, unlike other types of insurance that may have limitations and be focused on particular risks, All-Risk Insurance encompasses a wide range of potential hazards, offering more extensive protection for both property damage and associated liabilities.

When comparing it to General Liability Insurance, which primarily focuses on liability claims related to bodily injury and property damage caused by the insured's activities, the scope is narrower. Property Insurance, on the other hand, is generally limited to damage to the insured's property, focusing specifically on physical damage rather than liability. Commercial Inland Marine is specialized coverage for goods in transit or specific types of movable property and does not provide the broad coverage associated with All-Risk Insurance. This clear distinction highlights why All-Risk Insurance is recognized for its extensive coverage, making it suitable for those looking for a safety net that addresses multiple risk factors in various scenarios.