Bumbershoot Policy
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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