WQIS Holds Covered, No Premium Increase

Monday, 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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Limit Exposure with the Uniform Commercial Code

Demanding assurance pursuant to the UCC may save you from sinking on someone else’s ship. Vessel operations require a large network of companies that come together

Baltic Index Touches New Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand.

Oversupplied Market Eyes Floating Storage Opportunities

Brent oil price reached lows of $27/bbl in mid-January, but has recovered over the past two weeks to above the $30/bbl mark. Nevertheless, volatility is expected

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0695 sec (14 req/sec)