Water Pollution Liability

AAA

DEFINITION of 'Water Pollution Liability'

Financial and legal responsibility for causing contamination to oceans, rivers, lakes or streams. Entities that cause water pollution can be held liable for cleanup, regulatory fines, damage to third-party property, third-party loss of revenue, loss of public services, damage to natural resources and more. Entities that might cause water pollution include barges, fishing boats, marine cargo, vessels, yachts, tugboats, ferries and others that operate on or adjacent to bodies of water.

INVESTOPEDIA EXPLAINS 'Water Pollution Liability'

The owners and operators of these boats and vessels, as well as cargo owners, shipyards, and marina owners and operators, can be held liable for causing pollution, which can be financially disastrous. To protect themselves, these entities can purchase some type of water pollution liability insurance. For example, a cargo operator might purchase marine cargo insurance to protect itself in the event that the ship's cargo spills into the water and causes contamination.



RELATED TERMS
  1. Water Damage Legal Liability Insurance

    A policy that provides financial protection to a person or business ...
  2. Water Quality Improvement Act Of ...

    Legislation that expanded the federal government's authority ...
  3. Environmental Protection Agency ...

    The Environmental Protection Agency (EPA) was established in ...
  4. Oil Pollution Act Of 1990

    A law that caps civil liability for oil spills caused by tankers ...
  5. Medigap

    Also called Medicare Supplement Insurance, Medigap is health ...
  6. Green collar

    A worker who is employed in an industry in the environmental ...
Related Articles
  1. Home & Auto

    Cover Your Company With Liability Insurance

  2. Home & Auto

    Filling The Gaps In General Liability ...

  3. Personal Finance

    Protect Your Personal Assets

  4. Entrepreneurship

    Should You Incorporate Your Business?

Hot Definitions
  1. Capitulation

    When investors give up any previous gains in stock price by selling equities in an effort to get out of the market and into ...
  2. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  3. Conduit Issuer

    An organization, usually a government agency, that issues municipal securities to raise capital for revenue-generating projects ...
  4. Financing Entity

    The party in a financing arrangement that provides money, property, or another asset to an intermediate entity or financed ...
  5. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  6. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
Trading Center