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
In a liability insurance policy, provision for the payment of the insured's expenses as stated in the policy in three areas above the policy limit of liability: legal fees resulting from ...
Latin phrase for "The facts speak for themselves." This is a rule of evidence under which an individual is deemed, under certain specific circumstances, to be negligent by the mere ...
Type of health insurance under which an insured's coverage extends to all family members if they are residents of the insured's household. Insures all medical expenses (except those ...
Transportation firm that carries only select customers' goods and is not obligated to carry any particular customer's goods even if that customer is willing to pay. Contrast with common ...
Clause found in a marine insurance policy that states that the policy will not pay any claims less than a given amount but will pay claims in excess of that amount. The purpose of this ...
Federal legislation that established the old age survivors, disability, and health insurance (OASDHI). ...
Coverage on real property written to have no time limit. A single deposit premium pays for insurance for the life of the risk. The insurer earns enough investment income on the deposit to ...
Rate not subsequently adjusted. The rate stays in effect regardless of an insured's subsequent loss record. ...
Health characteristic considered by an insurer underwriting an applicant for life or health insurance. Many insurance companies charge reduced premiums for nonsmokers. ...
Have a question or comment?
We're here to help.