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.
BREAKING DOWN '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.