A Float Plan is a document that can be filled in before a person is heading out on their boat for leisure, fishing etc.
It provides details on the reason of going on a boat, the route plan, estimated time of departure and arrival back to the port etc.
In case of an emergency, e.g. if a storm, a distress signal it sent or simply the boat does not arrive for hours, the Coast Guard will have a head start into figuring out the path of the boat and where to carry out the rescue mission.
These are especially helpful for old smaller boats which do not have latest SatNav technologies are more prone to the dangers of the sea.