Bumbershoot Policy
Categories: Regulations, International
Anyone from England can tell you the proper name for an umbrella is bumbershoot.
A bumbershoot insurance policy is a type of umbrella insurance that offers additional coverage in case of a catastrophic loss. A bumbershoot policy provides coverage for risks associated with “wet” marine liability (risks related to water transportation).
Often used by shipyard owners, it covers such things as collisions, oil leaks, salvage, and liability resulting from longshoremen injuries. Once the owner’s regular insurance coverage is exhausted due to a large claim from two ships colliding, for example, the bumbershoot policy kicks in.
Don't let it rain on your parade. Or on the bonnet of your car while eating crumpets and [add more British cliches here].
