What does bumbershoot policy mean?

bumbershoot policy meaning in Law Dictionary

nsurance. A bumbershoot policy is a type of umbrella protection created especially to insure marine dangers, but it also can add non-marine risks.

bumbershoot policy meaning in Business Dictionary

An umbrella insurance policy that covers shipyards. The insurance policy covers marine and non-marine dangers, looked after safeguards the shipyard from collisions, salvage, and indemnity alongside miscellaneous obligation including in line with the Longshoreman and Harbor Workers' Act.