Marine Link
Saturday, September 24, 2016

WQIS Holds Covered, No Premium Increase

January 11, 2010

The United States Coast Guard announced that effective January 23, 2010, they will be increasing fines and other civil monetary penalties to account for inflation in accordance with the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996.

Water Quality Insurance Syndicate (WQIS) announces that as an accommodation to their Assureds, they are automatically holding covered – at no additional premium – the new limits under Coverage D (limited fines and penalties) until the policy expires. The adjusted maximum penalty amount authorized by the Federal Civil Penalties Inflation Adjustment Act and provided for in Coverage D is now $190,000.

When Congress established the fines and other civil monetary penalties for those who violated Federal Laws and regulations, they knew the deterrent value of those penalties would diminish over time as a result of inflation. To address this issue, they enacted the statutes referenced above. This Act requires Federal agencies to adjust their penalties for inflation at least once every four years using a nondiscretionary statutory formula. This rule is published without prior notice of proposed rulemaking or public comment period. On January 23, 2010, the fines and other civil monetary penalties assessed by the U.S. Coast Guard are being increased by an average of 19.12%.



Maritime Reporter Magazine Cover Sep 2016 - Maritime & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News