What does a commercial insurance floater cover?

A "floater" is typically an insurance endorsement that covers tools and/or materials while they are away from the business. For example, an air conditioning contractor might want a personal tool "floater" so that his tools on the job site are insured. A contractor building a house might want a tool "floater" and a material "floater" to cover tools and materials at the construction site. Typically a commercial property policy covers tools and materials ONLY if they are within 100 feet of the business location at the time of the loss.