A normally purchased Builder's Risk policy covers all but which of the following?

A Builder's Risk policy is designed to protect a construction project while it is under progress, covering various aspects essential to the construction phase. This type of insurance typically covers materials, supplies, and the structure itself against risks such as fire, storm damage, theft, and vandalism.

The coverage under a Builder's Risk policy specifically supports construction-related elements, which includes materials that are on-site, tools, and equipment essential for the building process. The reference to fire and storm in this context generally pertains to the risks that the policy ensures against, not what it covers itself.

Deeds and notes, as mentioned in the incorrect option, do not relate to the construction risks typically covered under a Builder's Risk policy. Such documents represent ownership and financing and are not connected to physical damages or losses incurred during construction. Hence, the exclusion of deeds and notes aligns with the overall intention of Builder's Risk insurance, which is focused on physical property and materials involved in the construction process.