Definitions - Bumbershoot Policy
>> Monday, May 24, 2010
Bumbershoot Policy - A liability insurance policy, similar to an umbrella liability policy, for marine risks. Think boatyards and ship yards. The policy is excess over primary policies, providing additional limits of protection. Coverage may include protection and indemnity (P&I), Longshoremen and Harbor Workers Act protection.
I have always thought this was as close to humorous as insurance gets - bumbershoot is "British" for umbrella.
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Scott lives in Maine and runs a successful consulting firm. He has worked with over 1,500 businesses in his 30 year career.
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