Definitions – Bumbershoot Policy

Bumbershoot Policy - A liability insurance policy, similar to an umbrella liability policy, for marine risks.  Think boatyards and ship yards.  The policy is excess over primary policies, providing additional limits of protection.  Coverage may include protection and indemnity (P&I), Longshoremen and Harbor Workers Act protection.I have always … [Read more...]

Inland Marine

A strange insurance term to be sure. Seems like an oxymoron. Marine insurance was defined by the National Association of Insurance Commissioners in 1953 and revised in 1976. Being a group of bureaucrats, the definition is long, ambiguous, and completely useless. Imagine holding a series of meetings on this in 1956 then doing it again in 1976. … [Read more...]

Insurance History and Inchmaree

I first learned of the Inchmaree clause when I met Howard Candage.Howard is an expert in marine insurance and one of the best insurance people I know. Up to the time we met (2o something years ago), I knew next to nothing about marine insurance. Howard taught me a great deal.The Inchmaree clause extends coverage to include losses caused by unseen … [Read more...]