What does builders risk policy mean?

builders risk policy meaning in Insurance Dictionary

home insurance that is built to cover home in training course of construction. There's no solitary standard builders risk type; most builders risk policies tend to be written on inland marine (without commercial property) kinds. Coverage is generally written on an all dangers basis and typically relates not only to property in the building site, but additionally to property at off-site storage locations plus transportation. Builders danger insurance coverage is written on either a completed worth or a reporting kind foundation; in any case, the approximated finished value of the project is employed since the restriction of insurance.