Property Floater Policy

IM 7500 10 09

If you need to insure property and need a flexible form that can include scheduled and unscheduled locations as well as transit, the Scheduled Property Floater may be the product for you.
Coverage can be specific or general depending on the risk requirements. Coverage can be written for a specific item or items by providing a detailed description on the schedule of coverages which would include the name of the manufacturer, year of manufacture, model, and serial number. Also, based on the description of covered property, coverage can be restricted to scheduled locations or written for unscheduled locations and can include transit.

Here are some example coverage descriptions for the schedule of coverages

A - Blanket coverage at unscheduled locations including transit:

Described Property
Limit
Miscellaneous lab equipment
• Any one item
$1,500
• Any one loss
$1,500

B - Coverage for specific items at a scheduled location:

Described Property
Limit
The following described equipment only while located at 4209 W. Division St. Chicago, IL:
• 1986 Equipment XYZ s/n 12X2565
$1,500
• 1990 Equipment ABC s/n CC83341
$5,500
• 1983 Equipment 123 s/n 9075396
$8,750

Property Not Covered

  • Aircraft Or Watercraft
  • Buildings And Land
  • Contraband
  • Money And Securities
  • Vehicles
  • Waterborne Property
The scheduled property floater should not be used to cover vehicles or buildings because these risks do not fall under the Nationwide Marine Definition.

Coverage Extensions and Supplemental Coverages

Debris Removal — Coverage for debris removal is limited to 25% of the amount paid for a loss. An additional limit of $5,000 is available when the expense exceeds 25% of the paid amount or when the combined loss to property and debris removal expense exceeds the limit for the damaged property.
Newly Acquired Property — This supplemental coverage provides $15,000 coverage for loss to additional property that is newly acquired during the policy period.
Pollutant Cleanup And Removal — This supplemental coverage provides $10,000 coverage for the expense to extract pollutants from land or water. This limit is an aggregate limit.
Valuation — The valuation of covered property is based on actual cash value.
Coinsurance — Coinsurance provisions apply to this coverage; however, they can be deleted by indicating on the schedule of coverages that this provision does not apply.