Bumbershoot Policy

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 ?
The second, a bumbershoot policy, was issued by New York Marine and General Insurance Company ("NYMAGIC").
The NYMAGIC bumbershoot policy provides no coverage for Tesla.
Tesla is not entitled to coverage under the OneBeacon MCL policy or the NYMAGIC bumbershoot policy. The judgment was, therefore, affirmed.