Builders risk, sometimes called course of construction, insures the project itself, the building being erected or renovated plus materials and supplies on site or in transit, against physical loss like fire, wind, or theft during construction.
Unlike general liability, which covers harm to others, builders risk covers the work in progress. It is usually carried by the GC or owner rather than each sub, and is documented on an ACORD 28 rather than the ACORD 25.