Canopy and air conditioning shed in cut (9)
I believe the answer is:
parachute
'canopy' is the definition.
(I've seen this before)
'air conditioning shed in cut' is the wordplay.
'air conditioning' becomes 'AC'.
'shed' becomes 'hut' (I've seen this before).
'in' is an insertion indicator.
'cut' becomes 'pare' (paring is a kind of cutting).
'ac'+'hut'='achut'
'achut' put into 'pare' is 'PARACHUTE'.
'and' acts as a link.
(Other definitions for parachute that I've seen before include "canopy" , "Equipment to break a fall from the sky" , "Drop from plane" , "Devise for making descent from an airplane" , "It breaks a fall from the sky" .)