Under which circumstance does coverage under the AAIS Installation Floater cease?

Coverage under the AAIS Installation Floater ceases when there is abandonment with no plans to finish. This is because the floaters are designed to cover property that is in the process of being installed, and if the installation is abandoned, the purpose of the coverage no longer exists. Essentially, the intention of the coverage is to protect the installation project while it is ongoing; once it is abandoned, the risk associated with that project is significantly altered, resulting in the cessation of coverage.

In the case of scheduled locations no longer being occupied, coverage might still apply if the intention to complete the work exists or if other conditions of coverage are met. Minor incidents that do not lead to claims do not typically affect the coverage status as they do not indicate an abandonment or failure to continue the project. Maintenance work on the equipment would generally fall under the terms of the coverage, provided that it doesn’t alter the essential nature of the installation project itself.