Gunter Agrees to Sell His Home to Daniel and They

Gunter agrees to sell his home to Daniel and they sign a real estate contract on August 1.The closing is scheduled for September 1.Gunter cancels his homeowner's insurance on August 2.On August 16, the house burns down.Daniel did not buy homeowner's insurance.Under the doctrine of equitable conversion:

A) Gunter bears the risk and must pay to rebuild the house.
B) Daniel bears the risk and must pay to rebuild the house.
C) Under the Uniform Vendor and Purchaser Risk Act, a federal law which is binding in all states, the insurance company would, by operation of law, insure the house until
Closing even if the policy had been cancelled.
D) Gunter and Daniel both bear the risk equally and so would pay 50/50 to rebuild the house.