Wool Growers Floater

AAA

DEFINITION of 'Wool Growers Floater'

A type of insurance policy that provides coverage for sheep owners and to warehouse owners who store and transport wool. A wool growers floater is a type of inland marine insurance which provides coverage for property damage and liability exposure during transportation - specifically for sheep in this case. Most inland marine insurance policies cover properties that are on land, as opposed to on the ocean as the name suggests.

INVESTOPEDIA EXPLAINS 'Wool Growers Floater'

The word "floater" stems from the original policies that covered property loss before, during and after the completion of an oceanic voyage (the insured property was therefore floating). Today, these inland marine insurance policies, including the wool growers policy, applies to property that involves some type of transportation.

RELATED TERMS
  1. Air Cargo Insurance

    A type of insurance policy that protects a buyer or seller of ...
  2. International Maritime Organization ...

    A specialized agency of the United Nations that is responsible ...
  3. The Jones Act

    Legislation that regulates maritime commerce between U.S. cities. ...
  4. Maritime Law

    A body of laws, conventions and treaties that governs international ...
  5. Associate In Marine Insurance Management ...

    An IIA program for insurance professionals is designed to expand ...
  6. Floater Insurance

    A type of insurance policy that covers property that is easily ...
Related Articles
  1. Is Your Insurance Company Going Belly ...
    Home & Auto

    Is Your Insurance Company Going Belly ...

  2. Beginner's Guide To Auto Insurance
    Options & Futures

    Beginner's Guide To Auto Insurance

  3. How To Insure Your Most Important Asset ...
    Insurance

    How To Insure Your Most Important Asset ...

  4. Choosing The Best Disability Insurance ...
    Options & Futures

    Choosing The Best Disability Insurance ...

comments powered by Disqus
Hot Definitions
  1. Takeover

    A corporate action where an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the ...
  2. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by ...
  3. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  4. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
  5. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
  6. Budget Deficit

    A status of financial health in which expenditures exceed revenue. The term "budget deficit" is most commonly used to refer ...
Trading Center