Why it matters for your company
A floater schedules each item, or covers all equipment below a per-item value on a blanket basis. It answers theft from a job site, a forklift crushing a demo unit, and damage in a truck between your dock and the pilot.
The exclusions worth reading are wear and tear, mechanical breakdown and electrical failure, because a robot that simply stops working is often outside the form. Some insurers add breakdown back by endorsement.
Related terms
- Inland marineProperty insurance for equipment that moves: in transit, at job sites, on pilots and demos. For a robotics company it is the line that follows the machines once they leave the building.
- Hull coveragePhysical damage insurance on an aircraft itself, including a drone and often its payload and ground equipment. It is the aviation equivalent of equipment coverage.
- ExclusionA clause that removes a type of loss, activity or property from what a policy responds to. Exclusions sit in the base form and in endorsements, and at claim time they decide the outcome more often than the coverage grant does.