What term describes when the homeowner is accepting the risk related to the project instead of the general contractor?

The term that describes when the homeowner is accepting the risk related to the project instead of the general contractor is known as "Wrap-Up Liability Insurance." This type of insurance is designed to cover all parties involved in a construction project, including the homeowner and contractors, under one policy. By choosing to use wrap-up insurance, the homeowner effectively takes on the responsibility for certain risks associated with the project, which can streamline coverage and reduce the potential for disputes over liability.

In contrast, Homeowner Insurance typically protects the homeowner from damages to their property or liability claims arising from accidents occurring on their property, but it does not specifically address the risks associated with construction projects. Key Man Insurance provides coverage related to the loss of instrumental individuals in a business but is not related to construction risk. Personal Liability Insurance is generally a broader form of coverage that protects individuals from liabilities arising from personal actions, rather than those arising from construction project management or risks.