A squeeze bulb permanently mounted in a fuel line in the interior spaces of a boat would be high probable cause for your insurance carrier to drop or 'not acknowledge' your policy especially in the case of any claim that involved 'fire'.
If concerned about that, then plumb in a valved bypass around the bulb. When not in use, the bulb will be isolated and no fire hazard.
I am not sure why the bulb would be a fire hazard (I understand it is no USCG approved) on my boat as when the engine is running the bulb is under vacuum. Any leak at the bulb will suck air and stall the engine (more reasons to have a plumb bypass). My bulb is also located at the diesel tank well away and islolated by bulkheads from the engine, and all electrical sources.
The bulb is actually safer than some installations where the install an electric fuel pump at the tank. I thought about doing this but any leak in the system will continue to pump fuel into the engine area or the bilge, and I would never know until the tank is empty and the engine shuts down. Also, being electric, the fuel pump could be ignition source for a fire.