Interview: Rich Hobbie, Water Quality Insurance Syndicate (WQIS)
An interview with Rich Hobbie, the leader of the Water Quality Insurance Syndicate (WQIS), the largest underwriter of pollution liability insurance for marine vessels in the United States. Can you give our readers an overview of your business today. The Premium income and growth factors in the marine insurance industry are very stagnant right now. And competition is quite heavy in all areas. In the U.S. market and in the marine market in general, there are new players. The London market has gotten more aggressive over here.
WQIS Broadens Coverage
The U.S. has the most stringent marine pollution liability laws of any country on the planet. But now the states are making the laws even tougher for the marine community. WQIS, the Water Quality Insurance Syndicate, announces two new insurance endorsements to protect the marine community from increased state legislation. WQIS provides a new option to cover state spill requirements even when they are broader in scope than the Federal Oil Pollution Act of 1990 (OPA 90). In the past, when a federal officer signs off on effective cleanup of a spill and a state official demands further cleanup, the assured has been unprotected for additional cleanup costs. WQIS' broader in scope coverage removes the gap that exists between new state requirements and federal legislation.
When is a victory, not a victory?
As recent events have shown, no single judicial action is likely to have as much impact on the maritime community in the next decade as the Supreme Court?s U.S. v. Locke (Intertanko) decision. Last year, the Supreme Court ruled unanimously that a state could not impose tanker safety standards that exceeded the federal standards set by the Oil Pollution Act of 1990 (OPA 90). At the time, it was widely hailed as a major victory for tanker owners. The decision appeared to limit states? ability to regulate shipping; but on second glance, something far more dangerous to the maritime community was contained within. The Supreme Court outlined a road map for how any state could pass legislation and implement regulations with far reaching implications. The gist of the legal loophole is this. U.S.
