what is an installation floater coverage
Sep 30, 2011. Many contractors and service people may be missing coverage on their insurance policies. Did you know that materials in transit, at a customer location and at a temporary location are not covered for loss unless you have an âInstallation Floaterâ on your policy? An installation floater is an insurance policy that covers personal property installed, fabricated or erected by a contractor. It covers the property until the installation work is accepted by the purchaser or when the insured's interest in the property installed ceases. As an example, letâs take a remodeling contractor, Bill Sample. Bill is remodeling a kitchen for Mrs. Fussy.
What some of these subcontractors of all tiers generally do, sometimes only after prodding by insurance agents/brokers, is to purchase a policy of their own covering their work. The type of coverage commonly suggested by producers is the installation floater. An installation floater is an inland marine-type coverage that can be defined as insurance purchased by contractors to cover not only their own property but also property of others that is to be installed into a building or structure.