The phrase is also an insurance term denoting the hazards and perils that an insured is protected against, i.e., the contingencies or unknown events that are contemplated by the insured and that are covered by the insurance policy.
Under English law that is the sale of goods, act 1979 the general rule is that risk passes along with property though there are exceptions to this. The U.N. Sale of Goods Convention, 1980, is silent on the role of the parties ' intention in the passing of risk; nevertheless, the same rule emerges from the whole tenor of the Convention. The civil law applies the rule that the risk falls on the owner of the goods. The U.C.C. provides that risk of loss passes to the buyer when the goods are delivered to the