Risk

In Insurance law; the danger or bazard of a loss of the property insured; the casualty contemplated in a contract of insurance; the degree of bazard; and, colloquially, the specific house, factory, ship, etc., covered by the policy.

— Risks of navigation. It is held that this term is not the equivalent of "perils of navigation," but is of more comprehensive import than the latter. Pitcher v. Hennessey, 48 N. Y. 419.