Final answer:
Floaters are additional coverages that can be added to a Personal Inland Marine Insurance policy to provide broader protection for high-value items such as jewelry, art, collectibles, or musical instruments. They have higher limits than the basic policy and require an appraisal or proof of value.
Step-by-step explanation:
Floaters are additional coverages that can be added to a Personal Inland Marine Insurance policy to provide coverage for specific items that may not be adequately covered under the standard policy. These floaters can be tailored to cover high-value items such as jewelry, art, collectibles, or musical instruments. They provide broader protection and higher limits than what is typically offered in the basic policy.
For example, if you have a valuable piece of artwork that exceeds the coverage limit of your standard insurance policy, you can add a floater specifically for that artwork. This will provide you with additional coverage to protect the artwork in case of theft, damage, or loss.
Floaters usually require that an appraisal or proof of value be provided, and they may have a separate deductible. It's important to review the details of the specific floaters available under your insurance policy to determine if they meet your coverage needs.