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Definition of 'Bumbershoot Policy'
A specialized form of liability insurance. A bumbershoot policy is a type of umbrella coverage designed specifically to insure marine risks, but it can also include non-marine risks. Shipyards often use this type of policy, which provides protection and indemnity coverage as well as liability protection under the Longshoreman and Harbor Workers' Act.
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Investopedia explains 'Bumbershoot Policy'
The word bumbershoot literally means "umbrella". Hence the name for this type of policy, which is intended to cover all miscellaneous forms of liability just as a standard umbrella policy does for individuals or businesses. Bumbershoot policies can also provide insurance for collision and salvage expenses.
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Search results for 'Bumbershoot Policy'
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http://financialedge.investopedia.com/financial-edge/0811/How-To-Spend-Your-Labor-Day-Weekend.aspx
... Seattle, Washington Bumbershoot 2011 at the Seattle Center Since 1971, Bumbershoot
has drawn the best in music, film, comedy, spoken word, dance, theater ...
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