Firearm Risk Protection Act of 2017 This bill amends the federal criminal code to prohibit a firearm purchase by or sale to a person who is not covered by a qualified liability insurance policy. Additionally, it requires the owner of a newly purchased firearm to be covered by a qualified liability insurance policy. A qualified liability insurance policy, with respect to a firearm purchaser, is a policy: (1) that covers the purchaser specifically for losses resulting from use of the firearm while it is owned by the purchaser, and (2) that is issued by an insurer licensed or authorized by the state in which the purchaser resides. The prohibition does not apply to a firearm purchase or sale for the use of a federal, state, or local government. A violator is subject to a fine.