how could coolant level float missed?

BMW545. When I can open coolant cap, I did not see the little red level float.

How could this part be missed? I check the inside of expansion tank as well and did not see anything inside. Right, coolant light is on when I part on uphills for a while. I never add coolant and open tank by my self. last time, dealer did it 1.5 years ago. This is my first time to DIY. 

Here is my question. How could this red float totally dispeared? Will it cause any damage? Should I go to dealer to replace whole expasion tank?

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