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📦 '''Floater policy''' is a type of [[Definition:Property insurance | property insurance]] designed to cover movable property that travels between locations or lacks a fixed site, distinguishing it from standard property forms that insure assets at a specific, scheduled address. In commercial insurance, inland marine [[Definition:Floater | floaters]] protect items like contractors' equipment, fine art in transit, exhibition goods, and mobile medical devices — property whose value and exposure shift as it moves. Personal lines equivalents include [[Definition:Scheduled personal property endorsement | scheduled personal property endorsements]] that cover jewelry, cameras, or musical instruments wherever the [[Definition:Policyholder | policyholder]] takes them, regardless of whether the loss occurs at home, in transit, or abroad.

🔧 Coverage under a floater is typically written on an [[Definition:All-risk coverage | all-risk]] (or "open perils") basis, meaning any cause of loss is covered unless specifically [[Definition:Exclusion | excluded]]. This broader scope reflects the elevated exposure that comes with mobile property — items in transit face theft, collision damage, water exposure, and handling mishaps that stationary property does not. The [[Definition:Underwriter | underwriter]] usually requires a detailed schedule listing each item or category with its [[Definition:Agreed value | agreed value]], and the [[Definition:Premium | premium]] is calculated based on the type of property, its total insured value, the geographic range of movement, and any protective measures in place such as security systems or climate-controlled transport. For high-value items, [[Definition:Appraisal | appraisals]] are often required at inception and periodically thereafter to ensure the scheduled values remain accurate.

🌍 Floater policies fill a gap that standard [[Definition:Commercial property insurance | commercial property]] and [[Definition:Homeowners insurance | homeowners]] forms leave open: the coverage of property that defies the assumption of a fixed location. Without a floater, a contractor's $500,000 excavator might only be covered at the address listed on the policy — not at the remote job site where it actually operates. For insurers, floaters present unique [[Definition:Risk assessment | risk assessment]] challenges because the exposure is inherently dynamic, making [[Definition:Loss control | loss control]] site visits less effective and claims investigations more complex. The [[Definition:Inland marine insurance | inland marine]] classification under which most floaters fall has its own [[Definition:Rate filing | rate-filing]] rules in many states, often with greater pricing flexibility than other property lines.

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

Definition:Floater policy - Revision history

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