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
Term meaning that an exporter of goods that are damaged or destroyed during international shipment relinquishes responsibility for the damage or destruction once the goods leave the point ...
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Particular type of inland marine insurance. ...
Coverage that pays a fixed dollar amount of interest at regular intervals. ...
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