While a residential or commercial structure is in the course-of-construction, a builder’s risk would cover the structure and any components not yet part of the structure. So windows get dropped off at the job site but are not yet installed. A builder’s risk policy would cover the theft of building materials.
Fire, lightning, hail damage, vandalism would also be covered “perils” with a builder’s risk policy. Mostly used by the contractor doing the construction but the owner of the real estate development could also purchase builder’s risk coverage.