QS Study

Floating Insurance policy

A policy which provides coverage fly property damages which can be reasonably estimated but not actually determined until the policy expires. Often used for shipped products, the premiums – and remaining coverage amount is calculated by deducting the value of each shipment from the total policy face amount until the coverage runs out.  This can cover anything from jewelry to expensive stereo equipment.

It is a type of insurance that protects property or goods in any place and while they are being moved from one place to another. Generally, it is a marine insurance policy where only the amount of claim is specified and all other details are omitted till the time the ship embarks on its journey, is known as a floating policy. For clients who undertake frequent trips of cargo transportation through waters, this is the most ideal and feasible marine insurance policy. These policies generally cover one individual item, so if you have several items for which you want full coverage, you will need to get a floater for each.

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