Indemnifies for loss of or damage to a building under construction. Insurance is normally written for a specified amount on the building and applies only in the course of construction. Coverage customarily includes fire and extended coverage and vandalism and malicious mischief. Builders’ risk coverage can be extended to a “special” form as well. The builders’ risk policy also may include coverage for items in transit to the construction site (up to a certain percentage of value) and items stored at the site.