What type of policy provides coverage for property regardless of its location?

A floater policy is designed to provide coverage for property no matter where it is located. This type of policy is particularly beneficial for items that are frequently moved around, such as jewelry, artwork, or equipment. Unlike standard property policies, which typically protect items at a specific location, a floater policy extends coverage to losses that may occur while the property is being transported or stored in various places.

The key characteristic of a floater policy is its flexibility, allowing for coverage that is not restricted by geographical boundaries, thus ensuring that the insured items are protected regardless of their physical location. This makes floater policies especially valuable for individuals and businesses that own movable property.