The personal property floater is a specialized inland marine policy covering boats and trailers used with boats. It is an additional amount of insurance equal to a specified percentage of the replacement value of the property. It provides either blanket or scheduled coverage of items that are not covered adequately in a standard homeowner's policy. It also covers against liability caused by the ownership or use of items of personal property. What is the personal property floater?
1) A specialized inland marine policy covering boats and trailers used with boats
2) An additional amount of insurance equal to a specified percentage of the replacement value of the property
3) Insurance available to meet the needs of 'innocent' victims of accidents who are negligently injured by uninsured, underinsured, or hit-and-run motorists
4) Coverage of items that are not covered adequately in a standard homeowner's policy
5) Liability coverage caused by the ownership or use of items of personal property