Water Quality Insurance Syndicate - WQIS

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.



RELATED TERMS
  1. Water Pollution Liability

    Financial and legal responsibility for causing contamination ...
  2. Water Quality Improvement Act Of ...

    Legislation that expanded the federal government's authority ...
  3. Associate In Marine Insurance Management ...

    An IIA program for insurance professionals is designed to expand ...
  4. Valued Marine Policy

    A type of insurance coverage that places a specific value on ...
  5. Open Cover

    A type of marine insurance policy in which the insurer agrees ...
  6. Both-To-Blame Collision Clause

    Part of the Ocean Marine Insurance policy that states that if ...
Related Articles
  1. Managing Wealth

    How to Buy Your First Super Yacht

    Buying a mega yacht means shelling out megabucks. If money is no object, then neither are the mooring fees. In Monaco, dropping anchor costs $20,000 a night!
  2. Personal Finance

    Make Sure Your Business Complies with These 3 Environmental Laws

    Discover why 1970 is considered the year of the environment, and learn about several major environmental laws with which businesses must comply.
  3. Personal Finance

    Insurance Coverage: A Business Necessity

    Don't go to work without this policy in place - especially if your work is in your home.
  4. Managing Wealth

    How Much Does a Super Yacht Cost – Really?

    Buying the vessel is just the beginning – then you have to pay for the crew, mooring and all those 'obligatory' toys....
  5. Personal Finance

    Explaining Insurance

    Insurance is a form of contract between an individual and an insurance company that spreads risk in exchange for premium payments.
  6. Financial Advisor

    An Advisor's Guide to Prof. Liability Insurance

    A guide to what financial advisors need to know about professional liability insurance.
  7. Personal Finance

    Bundle Your Insurance For Big Savings

    Bundling your insurance can save you money and time. Read on to see how get the most out of multiline insurance discounts.
  8. Personal Finance

    What Happens If Your Insurance Company Goes Bankrupt?

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

    Understanding Your Insurance Contract

    Learn how to read one of the most important documents you own.
  10. Personal Finance

    Exploring Advanced Insurance Contract Fundamentals

    Understanding your contract can help you protect our family's financial security.
RELATED FAQS
  1. What is the average return on total revenue for the insurance sector?

    Learn about the three main segments of the insurance industry, and find out what the average return on revenues is for the ... Read Answer >>
  2. Does renters insurance cover water damage?

    Learn how renters insurance provides personal property coverage for items damaged by water only if the water is the result ... Read Answer >>
  3. Can your insurance company cancel your policy without notice?

    Learn about your rights as an insured when it comes to your insurance policy being canceled, including how to access your ... Read Answer >>
  4. How much do changes in interest rates affect the profitability of the insurance sector?

    Learn about the relationship between interest rates and insurance company profitability, and how interest rates can affect ... Read Answer >>
  5. What are some examples of industries that practice price discrimination?

    Understand the various types of insurance coverage offered in the insurance marketplace, and learn why each policy should ... Read Answer >>
  6. What is the usual profit margin for a company in the insurance sector?

    Learn what the average profit margin is within the insurance industry, and what factors can affect the profitability of an ... Read Answer >>
Hot Definitions
  1. Frexit

    Frexit – short for "French exit" – is a French spinoff of the term Brexit, which emerged when the United Kingdom voted to ...
  2. AAA

    The highest possible rating assigned to the bonds of an issuer by credit rating agencies. An issuer that is rated AAA has ...
  3. GBP

    The abbreviation for the British pound sterling, the official currency of the United Kingdom, the British Overseas Territories ...
  4. Diversification

    A risk management technique that mixes a wide variety of investments within a portfolio. The rationale behind this technique ...
  5. European Union - EU

    A group of European countries that participates in the world economy as one economic unit and operates under one official ...
  6. Sell-Off

    The rapid selling of securities, such as stocks, bonds and commodities. The increase in supply leads to a decline in the ...
Trading Center