Unscheduled Property Floater

Definition of 'Unscheduled Property Floater'


An insurance product that is added to an existing policy and provides coverage on a classification of property that has not been itemized. An unscheduled property floater usually provides coverage against damage, theft or loss. The additional cost is generally much lower than the original policy, and gives a more specific definition of what property is covered and in what circumstances.

Investopedia explains 'Unscheduled Property Floater'


You can break this definition down into two parts:

1. "Unscheduled property" is property that is covered in your main insurance, but is not specifically itemized or valued. These items do not warrant specific insurance and are usually associated with the original policy. For example, under home insurance, it could be things like clothes, jewelry, lawn mowers, sports equipment, cameras, etc. In the event of a fire you would normally add up all of these unscheduled items, estimate the value, and submit it for compensation.

2. Floaters are additions to your current coverage to make sure certain valuables are covered. If you add a floater you might pay more, but you also make sure these items can be replaced if something goes wrong, or missing.

In scheduled policies, each item would be individually listed with an approximate value. Floater policies are often purchased to provide coverage for property that may not be adequately covered in a standard insurance policy. There may be additional benefits such as coverage on home items even if the item is away from the house.



comments powered by Disqus
Hot Definitions
  1. Leased Bank Guarantee

    A bank guarantee that is leased to a third party for a specific fee. The issuing bank will conduct due diligence on the creditworthiness of the customer looking to secure a bank guarantee, then lease a guarantee to that customer for a set amount of money and over a set period of time, typically less than two years.
  2. Degree Of Financial Leverage - DFL

    A ratio that measures the sensitivity of a company’s earnings per share (EPS) to fluctuations in its operating income, as a result of changes in its capital structure. Degree of Financial Leverage (DFL) measures the percentage change in EPS for a unit change in earnings before interest and taxes (EBIT).
  3. Jeff Bezos

    Self-made billionaire Jeff Bezos is famous for founding online retail giant Amazon.com.
  4. Re-fracking

    Re-fracking is the practice of returning to older wells that had been fracked in the recent past to capitalize on newer, more effective extraction technology. Re-fracking can be effective on especially tight oil deposits – where the shale products low yields – to extend their productivity.
  5. TIMP (acronym)

    'TIMP' is an acronym that stands for 'Turkey, Indonesia, Mexico and Philippines.' Similar to BRIC (Brazil, Russia, India and China), the acronym was coined by and investor/economist to group fast-growing emerging market economies in similar states of economic development.
  6. Pension Risk Transfer

    When a defined benefit pension provider offloads some or all of the plan’s risk – e.g.: retirement payment liabilities to former employee beneficiaries. The plan sponsor can do this by offering vested plan participants a lump-sum payment to voluntarily leave the plan, or by negotiating with an insurance company to take on the responsibility for paying benefits.
Trading Center