Water Pollution Liability

Definition of "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.

Search Real Estate Glossary

Related Real Estate Glossary terms

Building And Loan Associations

See savings and loan association. ...

Market Value

Independently appraised value of real estate in a free competitive market. Many variables must be co ...

Independent Practice Association (ipa)

Type of health maintenance organization (HMO) that issues contracts to independent physicians. These ...

Partial Disability Benefit

An amount usually expressed as 50% of the monthly indemnity for the total disability benefit provide ...

Daily Form (report)

Shortened report showing pertinent insurance policy information, copies of which are distributed in ...

Accounting

Same as term: generally accepted accounting principles (GAAP): ...

Related Real Estate FAQ

What Is Title Insurance?

Title insurance is insurance that protects the lender and buyer against any losses incurred from dis ...

What Is A Second Mortgage?

A second mortgage is a type of mortgage on property that has alien already on the first mortgage. Th ...

What Is A Fixed-rate Mortgage?

A fixed-rate mortgage is a type of mortgage in which the interest rate is fixed for the life of the ...

What Is An Easement?

An easement is the right given by the landowner to use the property. ...

Why Do People Refinance?

People finance to obtain a new loan in order to pay off the existing mortgage or to gain access to t ...

How Much Will My Principal Be?

This calculator figures your principal balance after any number of payments. Input the beginning pri ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

Why Right Now is a Good Time for Millennials to Buy a Home What is the Best Time of Year to Buy a Home? What is Hazard Insurance? 7 Things to Consider Before Moving to a New City Real Estate Open House - The Dos and Don

FAQ

What is principal? What is a down payment? What is a deed? What do I need to know about Auto Insurance? What is a broker?