Imagine a situation, wherein a grown up son or daughter is going to the University or School and has to stay away from you in a hostel or in a separate house.

Most college students of today usually have a lot of costly possessions like the Motorbike, laptop, camera, mobile phone, I-pod, television, music system, expensive watches, sports gear, jewelry, dresses etc. How much ever safety one provides, thefts do take place, natural calamities like the earth quake, floods, fire accidents do occur and at such times, many people undergo a lot of property loss. To avoid such losses to personal movable property, one has to insure all their costly possessions. This is when we come across the policy known as the Floater Insurance.

Floater Insurance is a type of insurance policy that covers property that is easily movable and provides additional coverage over what normal insurance policies do not. This can cover anything from jewelry to expensive stereo equipment. It is a kind of property insurance for items that are moved from location to location, covering losses wherever they occur. Take for example a wild life photographer, who has very expensive cameras, separate lenses, lighting equipment etc. happens to experience some kind of an accident, wherein all his costly equipment is either damaged or lost, he does not have to worry much, if he has procured a floaters insurance policy covering all his costly equipment. Similarly, a scientific laboratory, conducting some kind of research, with costly equipments being used in the experiments, should be covered with a floaters insurance policy covering all the expensive equipment.

Often homeowner insurance will not fully cover some items, but adding a floater assures the homeowner that the full value will be replaced in the event of theft, loss or damage. These insurance 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.

Certain property such as fine arts, jewelry, furs, antiques, coin collections, silverware, etc. are not fully covered under the standard homeowners or renters policies. Instead, the floater provides specific insurance for each item or a category of these items. The values are usually determined by current appraisals or bills of sale.

Usually there is no deductible for losses and almost all risks of physical loss, even mysterious disappearance, are covered. Owens Group usually provides "valued at" coverage so that clients not only pay for a specific amount of insurance for a specific item, but they would receive exactly that amount in the event of a claim without questions about the state of the diamond or art marketplaces.

Floater insurance is a special insurance program intended to compliment the University’s blanket All-Risk property insurance. The purpose of the Floater is to provide replacement cost coverage for department personal property such as computers, laboratory balances, cameras, etc. which have a high incidence rate of theft and mysterious disappearance.

Floater insurance is obtained and losses are adjusted through the Insurance Department. Covered losses include the perils of theft, mysterious disappearance and accidental breakage. It does not cover equipment maintenance, wear and tear, and “inventory shrinkage.”

Unlike coverage under the University’s blanket property insurance, coverage under the Floater is not automatic.