The Installation Floater is designed specifically for covering equipment and materials that are in transit to a location for installation. This type of policy is crucial for businesses engaged in construction as it ensures that tools, equipment, and building materials are protected from various risks while they are being transported to the job site.
In many cases, construction projects require specialized equipment that may be vulnerable to damage, theft, or loss while in transit. The Installation Floater addresses this need by providing coverage specifically tailored for these items until they are installed and part of the completed structure. This makes it an essential policy for contractors and builders who regularly move valuable equipment to different locations.
Understanding the purpose and application of the Installation Floater helps in recognizing it as the appropriate choice for insurance coverage in scenarios where construction tools and materials are in transit, differentiating it from other policies that serve different needs or contexts.