Posted in Finance, Accounting and Economics Terms, Total Reads: 275
Definition: Wedding Presents Floaters
A wedding presents floater is a type of insurance policy that is often added to the already existing insurance policy of a renter or homeowner. This policy is used for temporarily covering the value of the valuables received by a couple on the occasion of their wedding.
It is a short term policy that is designed for covering any damages or losses happening to the gifts received by the couple when they are moved from the site of their wedding to the couple’s home. It also covers the gifts as the newly married couple is moved around to a new residence.
The duration of this policy is generally for 90 days. The policy, however, does not cover all types of gifts received. Cash and vehicles are excluded in this type of policy. The gifts fall under the insurance policy of the homeowner once they reach the residence of the couple. In case very expensive and high value gifts, like jewelry or silverware, are received by the couple that cannot be covered by the policy of the renter or the homeowners policy and may require the couple to purchase a personal article floater or a personal property floater for attaining a long term coverage on these articles.