Drunkard pinching a bishop’s footwear (5)
I believe the answer is:
sabot
'footwear' is the definition.
(I know that sabot is a type of shoe)
'drunkard pinching a bishop's' is the wordplay.
'drunkard' becomes 'sot' (sot can mean a drunken person).
'pinching' is an insertion indicator (taking inside).
'bishop' becomes 'B' (chess abbreviation).
'a'+'b'='ab'
'sot' placed around 'ab' is 'SABOT'.
(Other definitions for sabot that I've seen before include "French wooden shoe" , "Wooden clog" , "This from last" , "what's afoot?" , "footwear from Paris" .)