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When standard liability limits aren’t enough.
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Additional liability protection for marine-related businesses.
If your business operates in the marine industry and requires higher liability limits, a Bumbershoot Liability 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.
Coverage limits above and beyond for catastrophic claims.
A Bumbershoot Liability policy offers policyholders greater financial protection and peace of mind should they suffer a catastrophic loss or lawsuit. Bumbershoot Liability 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 Liability 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 Liability 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.
Extra layer of financial protection in the event of a liability claim.
Certain marine-related businesses can benefit from having a Bumbershoot Liability policy.
Depending on the nature of your business, certain insurance policies are required to qualify for a Bumbershoot Liability policy. These policies can include: Hull and Machinery (H&M), Protection and Indemnity (P&I), Cargo insurance, Employer’s Liability, Pollution Liability insurance, among others.
The Bumbershoot Liability policy coordinates with the underlying policies by providing excess liability protection. If there is a covered claim, the underlying policies pay first. Once coverage limits have been exhausted, the Bumbershoot Liability policy kicks in, providing additional coverage up to its policy limit.
Generally, it’s cheaper to purchase a Bumbershoot Liability policy rather than increasing the limits on multiple separate liability policies.
Yes! Bundling a Bumbershoot Liability policy with other marine insurance policies can lead to a simplified insurance experience and possible savings.
Our Insurance Specialists can guide you to the best plan for your needs, and your budget.