> The value of the float is at least the value of it invested in Treasuries, I would think. No because the float is actually a liability for paying claims. The

> The value of the float is at least the value of it invested in Treasuries, I would think. No because the float is actually a liability for paying claims. The company doesn't own the float, but they can use it like an interest free loan. And, in fact that might be a good way to value it. The cost of what would be interest payments at whatever the prevailing rates are.