Floating ground simply means that no point on the DC (or AC) system has been intentionally grounded.
Just recently, with the installation of our new switchgear, we converted from a 250 VDC ungrounded system to a 125 VDC ungrounded system. Our application is for operating circuit breakers on our 2,400 VAC switchgear. Over the years, it became obvious that 125 VDC was the more common voltage.
As was previously stated, an ungrounded system will tolerate a single ground fault, usually with no adverse reaction, unless there is a sensitive electronic device that is also referencing ground. Your question brings up a good point. It would be a good idea, and should be a simple matter to install ground detection/alarm on both the + and - bus. This would give the best of both worlds.
Since it is ungrounded, I would definitely install overcurrent protection in both the + and - bus. This way when the OC device is open, both sides are de-energized. Circuit breakers and/or fuses are the engineers choice, but I prefer fuses. With the lower current ranges, I can better coordinate both overcurrent and short circuit protection. Regardless of your choice, contact your preferred equipment vendor to confirm the suitability of and special ratings for panels, breakers and fuses when used on DC applications.