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📦 '''Floater''' is an [[Definition:Insurance policy | insurance policy]] or policy endorsement that provides coverage for movable property regardless of its location, extending protection beyond the fixed premises described in a standard [[Definition:Property insurance | property insurance]] contract. In personal lines, a floater — sometimes called an [[Definition:Inland marine insurance | inland marine]] endorsement or scheduled personal property rider — typically covers high-value items such as jewelry, fine art, musical instruments, or camera equipment that travel with the owner. In [[Definition:Commercial insurance | commercial lines]], floaters protect goods in transit, contractor tools and equipment, and other business property that routinely moves from site to site.

🔄 The mechanics hinge on how the property is described in the policy. A "scheduled" floater lists each item individually with an agreed-upon [[Definition:Insured value | value]], meaning the [[Definition:Policyholder | policyholder]] and [[Definition:Underwriter | underwriter]] negotiate the worth of each piece upfront and that amount becomes the [[Definition:Limit of liability | limit]] payable in the event of a [[Definition:Loss | loss]]. An "unscheduled" or blanket floater, by contrast, covers a broad category of property up to a stated aggregate limit without itemizing each asset. [[Definition:Premium | Premiums]] are calculated based on the total insured value, the nature of the items, and the risk profile of the insured — factors like travel frequency, storage conditions, and past [[Definition:Claim | claims]] history all come into play. Many floaters provide [[Definition:All-risk coverage | all-risk]] protection, meaning they cover any cause of loss not specifically excluded, which is typically broader than the named-peril approach of a standard [[Definition:Homeowners insurance | homeowners]] or [[Definition:Commercial property insurance | commercial property]] policy.

💡 Floaters fill a gap that standard property policies leave wide open. Most [[Definition:Homeowners insurance | homeowners]] forms impose sublimits on categories like jewelry or silverware — often just a few thousand dollars — which is inadequate for individuals who own engagement rings, art collections, or expensive electronics. By scheduling these items on a floater, the insured secures full [[Definition:Agreed value | agreed-value]] coverage with, in many cases, no [[Definition:Deductible | deductible]]. For [[Definition:Insurance agent | agents]] and [[Definition:Insurance broker | brokers]], recommending a floater at the point of sale is both a service differentiator and a revenue opportunity, while for carriers, floater business tends to be low-frequency and moderately profitable when properly [[Definition:Underwriting | underwritten]]. The product also illustrates the broader [[Definition:Inland marine insurance | inland marine]] tradition of insuring property in motion — a concept that continues to evolve as [[Definition:Insurtech | insurtech]] companies explore on-demand, item-level coverage activated through smartphone apps.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Inland marine insurance]]
* [[Definition:Scheduled personal property]]
* [[Definition:All-risk coverage]]
* [[Definition:Property insurance]]
* [[Definition:Endorsement]]
* [[Definition:Agreed value]]
{{Div col end}}

Definition:Floater - Revision history

PlumBot: Bot: Creating new article from JSON