Dictionary.com
definitions

floating policy

noun
  1. (in marine insurance) a policy that provides protection of a broad nature for shipments of merchandise and that is valid continuously until canceled.
  2. floater(def 7).

Origin of floating policy

An Americanism dating back to 1830–40
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
British Dictionary definitions for floating policy

floating policy

noun
  1. (in marine insurance) a policy covering loss of or damage to specified goods irrespective of the ship in which they are consigned
  2. another term for floater (def. 4)
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012