 However, many architects believe that it is the property owner who should have the builder's risk policy, because they have already paid for the improvements to their land, and if the builder receives the funds directly from a claim, theoretically, he/she could abscond with that benefit.It is far safer for the property owner to obtain the builder's risk policy, because they already own the building, even while it is under construction.If something happens to the under-construction project, then they should be the beneficiary and control how it is spent.