Provides reimbursement for the property that you are installing for your customers which might be damaged by breakage or stolen prior to its installation.
EG: An electrician installing a $10,000 chandelier accidentally drops it and it is substantially destroyed.If the electrician had a $10,000 installation floater, he would be reimbursed for the loss of the chandelier so he could satisfy his legal and contractual responsibility to his customer.Otherwise, without the coverage, he would be required to replace the chandelier out of his own pocket to satisfy his contractual obligation to his customer, that is (install a new chandelier).Incidentally, the resultant property damage caused by the falling chandelier would be covered by his general liability policy.But in this case, that is probably the lesser of the two losses.
The General Liability Policy will NOT cover the damaged chandelier due to the “your work” exclusion inherent in every general liability policy. The chandelier WILL be covered by the Instalation Floater, if endorsed/purchased separately
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