Installation Floaters are needed predominately needed for a specific type of contractor. An Installation Floater policy is similar to a Builders’ Risk policy in that it provides temporary property insurance to protect the value of labor and materials of the work in progress. This type of insurance provides coverage against damage by theft, vandalism, fire, windstorm, etc. Coverage starts while the materials are in transit to the jobsite and ends once the job is completed or the owner accepts the work.
The primary difference between an Installation Floater policy and a Builders’ Risk policy is in the time period covered. Trade contractors are typically finished in a much shorter range of days than a home builder, so the coverage is specific to a trade and is for a shorter construction period than a Builders’ Risk policy would be.