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Simple English definitions for legal terms
drummer floater policy
Read a random definition: Regulation S-X
A quick definition of drummer floater policy:
A drummer floater policy is a type of insurance policy that covers the goods carried by a commercial salesperson while traveling. It is a contract between the salesperson and the insurance company that protects the salesperson from losses due to damage or theft of their goods. This policy is no longer commonly used, but it was important for salespeople who traveled frequently with valuable merchandise.A more thorough explanation:
A drummer floater policy is a type of insurance policy that was historically used to cover the goods carried by a commercial salesperson while traveling. It is a type of floating policy that covers property that frequently changes in quantity or location, such as jewelry.
For example, if a jewelry salesperson travels to different locations to sell their products, they may have a drummer floater policy to protect their inventory while in transit. This policy would cover any losses or damages to the jewelry during transportation.
Overall, a drummer floater policy is a specific type of insurance policy that provides coverage for property that is frequently on the move.