Bumbershoot insurance, when higher limits of liability are necessary. Additional liability protection for marine-related businesses. Bumbershoot insurance, when higher limits of liability are necessary. If your business operates in the marine industry and requires higher liability limits, a bumbershoot insurance policy might be the right solution. MHG’s insurance specialists understand the unique nature of marine industry operations. We will review your risks and exposures to determine the right coverage and limits to insure your business accurately.
What is a bumbershoot insurance policy? Coverage limits above and beyond for catastrophic claims. What is a bumbershoot insurance policy? A bumbershoot policy offers policyholders greater financial protection and peace of mind should they suffer a catastrophic loss or lawsuit. Bumbershoot insurance is like a commercial umbrella liability policy but specifically designed for marine-related operations. The policy may also include non-marine risks. Once coverage has been exhausted, the bumbershoot policy provides coverage over and above various underlying marine insurance policies such as marine general liability, marine employer’s liability, protection & indemnity (P&I), among other marine insurance policies. A bumbershoot policy can cover excess claims for third-party bodily injury and property damage, pollution liability, wreck removal costs, collision liability, and excess employer’s liability. Associated legal expenses resulting from a covered event can also be included.
Who needs a bumbershoot insurance policy? Extra layer of financial protection in the event of a liability claim. Who needs a bumbershoot insurance policy? Certain marine-related businesses can benefit from having a bumbershoot policy. Ship repairers Shipyards Stevedores Terminal operators Wharfingers Marine contractors Marina operators