Water Quality Insurance Syndicate - WQIS

AAA

DEFINITION of 'Water Quality Insurance Syndicate - WQIS'

An American company that provides water pollution liability insurance for marine vessels. The Water Quality Insurance Syndicate (WQIS) provides coverage for marine cargo, vessels, tugboats, barges, fishing boats, ferries, yachts and more. Policies can cover any number of entities that might incur water pollution liability, including vessel owners and operators, cargo owners, shipyards, and marina owners and operators.

INVESTOPEDIA EXPLAINS 'Water Quality Insurance Syndicate - WQIS'

Insurance provided by WQIS helps protect an entity that causes marine pollution from the significant expenses associated with cleanup, damage to third-party property, third party loss of revenue, regulatory fines and penalties and other threats. 15 marine insurance companies, including Navigators Insurance Company, New York Marine & General Insurance Company and North American Specialty Insurance Company, back WQIS. WQIS is also closely affiliated with the Marine Pollution Response Group, which provides oil-spill cleanup.



RELATED TERMS
  1. Water Quality Improvement Act Of ...

    Legislation that expanded the federal government's authority ...
  2. BP Oil Spill

    A 2010 oil spill that occurred in the Gulf of Mexico as a result ...
  3. Environmental Protection Agency ...

    The Environmental Protection Agency (EPA) was established in ...
  4. Priori Loss Estimates

    A technique used by insurance companies to calculate loss reserves.
  5. Buyout Settlement Clause

    An insurance contract provision that allows the insured to refuse ...
  6. Contractors' All Risks (CAR) Insurance

    An insurance policy that provides coverage for both damage to ...
RELATED FAQS
  1. What is the difference between moral hazard and adverse selection?

    Adverse selection occurs when there's a lack of symmetric information prior to a deal between a buyer and a seller, whereas ... Read Full Answer >>
  2. What is the theory of asymmetric information in economics?

    The theory of asymmetric information was developed in the 1970s and 1980s as a plausible explanation for common phenomena ... Read Full Answer >>
  3. What is the difference between the loss ratio and combined ratio?

    The loss ratio and combined ratio are two ratios used to measure the profitability of an insurance company. The loss ratio ... Read Full Answer >>
  4. How do I calculate the combined ratio?

    The combined ratio is a quick and simple way to measure the profitability and financial health of an insurance company. The ... Read Full Answer >>
  5. What does the lapse ratio in the insurance sector measure?

    The lapse ratio measures the amount of insurance policy renewals with respect to the total number of insurance policies at ... Read Full Answer >>
  6. Why some insurance policies are more expensive than others?

    There are several reasons that an insurance policy can cost more or less at different agencies. Some of the more common reasons ... Read Full Answer >>
Related Articles
  1. Insurance

    Understanding Your Insurance Contract

    Learn how to read one of the most important documents you own.
  2. Home & Auto

    The History Of Insurance

    The first written policy appeared in Hammurabi's Code. Find out how it evolved from there.
  3. Home & Auto

    Cover Your Company With Liability Insurance

    Every business is susceptible to legal action. Find out how to protect yours.
  4. Entrepreneurship

    Will Insurance Keep Your Business Safe?

    Skilled employees are key to a successful business. Find out how to avoid a financial setback if they leave.
  5. Home & Auto

    Filling The Gaps In General Liability Insurance

    Standard liability coverage may not be enough. Special needs call for specialized policies.
  6. Insurance

    The 6 Strangest Insurance Policies Ever

    Some individuals have coverage for risks that might seem comical, absurd or even bizarre.
  7. Options & Futures

    Asset Protection For The Business Owner

    Could incorporating your business help protect it? Find out here.
  8. Economics

    What is Adverse Selection?

    Adverse selection occurs when one party in a transaction has more information than the other, especially in insurance and finance-related activities.
  9. Economics

    Mitigation Trade: Making Up For Environmental Harm

    Mitigation banking is a system by means of which the liability of ecological damage is transferred from the permittee to the mitigation banker through a system of credits and debits under regulatory ...
  10. Insurance

    What Happens If Your Insurance Company Goes Bankrupt?

    When insurance companies go bankrupt or face financial difficulty, it's bad news for policy holders.

You May Also Like

Hot Definitions
  1. Fiduciary

    1. A person legally appointed and authorized to hold assets in trust for another person. The fiduciary manages the assets ...
  2. Expected Return

    The amount one would anticipate receiving on an investment that has various known or expected rates of return. For example, ...
  3. Carrying Value

    An accounting measure of value, where the value of an asset or a company is based on the figures in the company's balance ...
  4. Capital Account

    A national account that shows the net change in asset ownership for a nation. The capital account is the net result of public ...
  5. Brand Equity

    The value premium that a company realizes from a product with a recognizable name as compared to its generic equivalent. ...
Trading Center