There are many different types of insurance. Under the category of commercial insurance is an insurance called Builders Risk Insurance.
Buildings under construction create unique coverage problems which builders risk insurance attempts to alleviate. Because builders risk insurance forms are designed to cover buildings or structures under construction, they attempt to specify the point at which construction is deemed to be completed and when coverage ceases. At that point, the building owner needs to obtain a BPP or other comparable property coverage to replace the builders risk policy.
The builders risk form covers the building or structure being built, building materials and supplies intended to become a permanent part of the building, and temporary structures. Like the BPP, the builders risk form must be combined with the basic, broad or special cause of loss form and any necessary endorsements to form a complete policy.