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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Of four SEC divisions that regulates the securities markets and the participants within these markets. ...
Insurance company's total premium income plus investment income. ...
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Principle that no liability exposure can result from the performance of proprietary functions. ...
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