At The Buyers Risk

Here's a doozy for buyers. Most are completely unaware of this little fact! Did you know, that in the REIQ Contract of sale, clause 8.1 says that "The property is at the buyers risk the first business day after the contract date". This means that even though the buyer doesn't own the property yet, they are required to get insurance on it. I have so many questions relating to this particular clause. Why is it like this? Interesting isn't it?