Why buy an Inland Marine Floater ?
The term “Inland Marine” is an anachronism. It refers to coverage of personal property on sailing ships, and harkens back to the Lloyds Coffee house in London. Some companies use the term “Personal Articles Floater”. The terms mean the same thing. Why should you have one? Every homeowner’s policy covers your personal property for an additional percentage of the insurance value of the house. The house may be insured against all risk of physical loss (a HO3 policy), but the personal property is insured for Named Perils. Loss, breakage and mysterious disappearance are not Named Perils. According to the “common man” principal, the insurance companies give you a fixed amount under your personal property limit for jewelry, guns, fine arts and so forth. You may have more than that minimum limit, so you should “Schedule” that article of personal property on an Inland Marine floater, if you want coverage. This inland marine “mini-policy” gives you better coverage for these valuables — it gives
