What is an Installation Floater?
An Installation Floater is a specialized type of inland marine insurance designed to protect materials, supplies, or equipment while transported, stored at a temporary location, and installed at a job site. This type of coverage is particularly relevant for contractors, builders, and tradespeople involved in construction or remodeling projects.
Unlike standard property insurance policies, which typically cover items only at a fixed location, an Installation Floater provides broader protection for property in transit or permanently installed. For instance, if a contractor delivers HVAC units to a construction site and the units are damaged during transit or stolen before installation, the Installation Floater would typically cover the loss.
This policy is essential for businesses that regularly handle valuable materials or equipment that move between sites. It’s commonly used in projects involving plumbing, electrical work, HVAC systems, or custom fixtures—any scenario where components need to be installed at the customer’s location.
From a business insurance perspective, having an Installation Floater can help minimize financial risk and delays caused by damage or loss of property before it becomes a permanent part of the structure. It’s an important layer of protection that helps ensure a smooth and cost-effective installation process.