Water Quality Insurance Syndicate
Definition of "Water quality insurance syndicate"
Group of marine underwriters formed in 1971 to provide coverage for shipowners for water pollution liability. The federal water quality improvement act of 1970 made shipowners responsible for hazardous substances discharged by their ships into the water. This led to the Water Quality Insurance Syndicate. Coverage extends to liabilities imposed by states. The syndicate vouches for the financial responsibility of those it insures.
Popular Insurance Terms
Fringe benefit provided by the employer to its employees as sanctioned under the 1981 Economic Recovery Tax Act. Under Internal Revenue Code Section 129, this benefit is nontaxable to the ...
Applications for insurance coverage that have been forwarded to an insurer but not yet processed. ...
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Mathematical determination based on the expectation of loss and the benefits to be paid in such an eventuality. The premium charged will vary directly with the probability of loss. ...
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The term pro rata comes from Latin and translates to in proportion, proportionally, the proportion of, proportionately determined, or according to a specific rate. It is often used in legal ...
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