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
Same as term Mortality Table: chart showing rate of death at each age in terms of number of deaths per thousand. ...
Section of ocean marine policy making it an obligation of the insured to take specific measures to limit losses to ship or cargo when a mishap occurs. Expenses incurred to limit physical ...
Retirement plan for an individual based on a single contract with a benefit based on current earnings, as if they will remain static until normal retirement age. As the earnings of the plan ...
Coverage in excess of that provided by a basic hospital medical insurance plan. After the limits of coverage have been exhausted under a basic plan, major medical then covers medical ...
Surcharge, in retrospective rating of property and liability insurance, added to the basic premium rate charged to reflect fixed cost of adjusting or settling losses. ...
Employee individual retirement account funded by an employer or a self-employed person. (Also known as SEP-IRA.) Differs from a pension plan in that contributions are immediately vested and ...
Sum the insurance company is legally obligated to pay an insured for losses incurred. ...
Retrospective rating system with basic, minimum, and maximum premium rates listed in manual tables. Calculation of an individual premium involves adjusting the basic premium for appropriate ...
Party covered by an insurance policy. In life insurance policies there is one designated insured, the person so named; or a policy can be issued to numerous insureds on a group basis. The ...
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