Definition of Bumbershoot policy:
An umbrella insurance policy that covers shipyards. The policy covers marine and non-marine risks, and it also protects the shipyard from collisions, salvage, and indemnity along with miscellaneous liability such as according to the Longshoreman and Harbor Workers Act.
Policies cover dry and wet incidents or nonmarine and maritime activities.
The Bumbershoot policy is a specialized form of excess liability insurance targeted to the maritime industry. These policies cover a company for hazards in limits that exceed the underlying liability policy. The Bumbershoot coverage most often adds to the protection from an umbrella liability policy.
Meaning of Bumbershoot policy & Bumbershoot policy Definition