Which of the following is NOT typically covered by named peril builders' risk insurance?

Named peril builders' risk insurance specifically covers only those risks that are explicitly listed in the policy. This type of insurance is designed to protect against specific types of losses that might occur during the construction of a building or structure. Common perils included in these policies often comprise theft, vandalism, and fire damage, as these are frequent risks during construction.

However, while it may cover many common risks, certain hazards like earthquakes are generally not included in standard named peril builders' risk policies. Earthquake coverage typically requires a separate endorsement or policy, due to the nature and severity of damage that can be caused by seismic activity. This separation exists because earthquakes can lead to extensive damage and are statistically evaluated differently compared to more common risks like theft, vandalism, or fire.

Thus, the choice of earthquake as not typically covered aligns with how named peril builders' risk insurance frameworks are structured.