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 Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0979 sec (10 req/sec)