Water Quality Insurance Syndicate
Definition - What does Water Quality Insurance Syndicate mean?
Water Quality Insurance Syndicate is a type of company that covers marine vessels when they become responsible for water pollution. The coverage it provides is for water pollution liability. Aside from expenses for cleaning the polluted waters, it might help with third-party damage.
Insuranceopedia explains Water Quality Insurance Syndicate
Now that most of the world is concerned with the effects of environmental destruction, insurance companies have also formed policies that will help people and companies that see themselves culpable of environmental harm. One of these insurance companies is the Water Quality Insurance Syndicate. It is a syndicate because a number of marine insurance companies are affiliated with it.
A policy from this American company can help a person or a company with cleaning up the damage to the polluted waters, and that includes providing money for the endeavor. If a third party is also affected by the pollution, a policy might also help the policyholder with his or her obligations to the third party.
The company draws owners or operators of marine vessels, cargo ships, tugboats, fishing boats, and similar water vehicles.