If the GC has Builder's Risk, do I need a policy of my own?

[Brandon Gebers]

My partners and I recently purchased our first investment property together and we're looking to do a pretty large rehab that will take about 4 or 5 months.  We are going the route of hiring a GC and letting him run the project.  The topic of insurance came up and he let us know that he would be carrying builder's risk for the duration of the project.  If he has that, do I need to go out and purchase my own policy (fire & dwelling or vacant home)?  Will his insurance carry us all the way through the sale?

This is my first flip and I want to make sure I avoid risk wherever possible but saving $700 - $800 if I don't have to spend it would be great. 

Brandon