What is Bumbershoot or Umbrella Insurance?
Bumbershoot or Umbrella insurance is a specialized form of liability insurance. A bumbershoot or umbrella insurance is a type of 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. 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. Why purchase Bumbershoot or Umbrella Insurance? If you have lots of assets to protect, a future to ensure (kids, retirement investments), multiple homes, vehicles, animals, anything that can harm anything/anyone inadvertently or through negligence or in any way shape or form, insure everything,
Related Questions
- I currently have a job and insurance for myself and my son, but after 3 months of my maternity leave if I decide to resign my job, will I be able to get FAMIS for myself and my two sons including my husband who has Obama care?
- Why purchase Bumbershoot or Umbrella Insurance?
- Focus on Coverage, Not Premium.
