The Beach Parasol is an item that Facepunch introduced in the RUST SUNBurn DLC, released on the 10th of July, 2020.
The beach parasol appears mostly broken but does provide a little extra comfort for players near it and will prevent players from getting wet while under its cover.
The beach parasol comes in several different colors and materials that you can choose when you craft the item, and you skin it on a Repair Bench later.