Panama hat vs lid

Panama hat and lid both are nouns.

Word	Noun	Adjective	Verb	Adverb
Panama hat	Yes	No	No	No
lid	Yes	No	No	No

As nouns, lid is a hypernym of Panama hat; that is, lid is a word with a broader meaning than Panama hat:

Panama hat: a stiff hat made of straw with a flat crown
lid: headdress that protects the head from bad weather; has shaped crown and usually a brim

Other hypernyms of Panama hat include chapeau, hat.

Panama hat (noun)	lid (noun)
a stiff hat made of straw with a flat crown	a movable top or cover (hinged or separate) for closing the opening at the top of a box, chest, jar, pan, etc.
	headdress that protects the head from bad weather; has shaped crown and usually a brim
	either of two folds of skin that can be moved to cover or open the eye