Meaning
A Floater Policy provides flexible, shared insurance coverage for multiple items or individuals.Definition
A “Floater Policy” is an insurance plan where a single sum insured covers multiple individuals (e.g., family) or assets (e.g., jewellery). The coverage “floats,” usable by any covered party.How It Works
Instead of separate policies, the total sum insured is shared. For example, in a health floater, any family member can access the full coverage amount for medical needs.Benefits
It’s cost-efficient, simplifies policy management, and offers flexible access to the entire sum insured for any covered member.Author
