Bumbershoot Policy

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Bumbershoot Policy

An insurance policy that covers shipyards for various marine and some non-marine risks. The policy covers all claims that the yard's other insurance policies do not. For example, it protects the shipyard from liability, indemnity, collisions and so forth. It is a type of umbrella policy.
References in periodicals archive ?
Gulf Coast Marine, an MGA located in Metairie, LA, will be offering a variety of Marine products, including P&I for Crew Liabilities and Vessel, Bumbershoot policies (a/k/a "Wet Umbrella Coverage") and Brown Water Vessel Coverage.