Water Pollution Liability
Obligations of shipowners for water polluted by spills from their ships. If a ship discharges oil or other polluting or hazardous substances into the water, the shipowner is responsible either for removing them, paying for their removal, or, if the substances cannot be removed, paying a fine. Following passage of the water quality improvement act OF 1970 establishing the liability of shipowners, marine underwriters formed the water quality insurance syndicate to provide insurance.
Popular Insurance Terms
New pension-accounting rule (Employers Accounting for Post retirement Benefits Other Than Pensions) which mandates that employers that provide post retirement benefits to include life ...
Membership organization of individuals especially trained in the application of property and casualty insurance to personal and business situations. Membership is achieved by passing a ...
Maximum dollar amount of coverage in force under a health insurance policy, a property damage policy, or a liability policy. This maximum can be on an occurrence basis, or for the life of ...
Insurance or annuity contract used in pension plans to purchase increments of retirement benefits through contributions for each employee paid into a fund. Benefits are guaranteed to ...
Remedy imposed by a court of law, usually in the form of a monetary award, as compensation to the insured party for the civil wrong incurred. A civil action is initiated by the injured ...
Appreciation in the unsold assets' value. When assets are sold, their capital gain (loss) is shown on the insurance company's income statement; any unrealized gain or loss is not included ...
Coverage for an advertiser's negligent acts and/or omissions in advertising (both oral and written) that may result in a civil suit for libel, slander, defamation of character, or copyright ...
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Application of conventional terms and conditions to the reinsurance of a risk. Contrast with non-traditional REINSURANCE. ...
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