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
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Same as term Deductible: amount of loss that insured pays in a claim; includes the following types: Absolute dollar amount. Amount the insured must pay before the company will pay, up to ...
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