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.
BREAKING DOWN '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.