On June 16, 2014 the Water Quality Insurance Syndicate (WQIS) will offer a new 2014 Worldwide Vessel Pollution Form. The new policy form will contain enhanced coverage that will follow the WQIS tradition of offering assureds the most comprehensive vessel pollution coverage in the industry.
“We are constantly monitoring the market and researching how we can better support our assureds in an ever-changing world,” said Richard H. Hobbie III, WQIS President and CEO. “For 2014, we saw an opportunity to provide our assureds with even stronger coverage, and that is something we are always striving for.”
According to WQIS, the major changes of the 2014 Worldwide Vessel Pollution Form are as follows:
- Inclusion of State Fines and Penalties with an increased sub-limit to $1,000,000.
- 100% of Additional Public Relations coverage (formerly 80%).
- An increase in the Criminal Defense Limit without prior approval to $10,000; an increase in the per occurrence limit for Criminal Defense and the annual aggregate sub-limit to $100,000.
WQIS said it will be prepared to discuss offering fines and penalties coverage outside the CSL for an additional premium by endorsement.
The new form has no change in any other conditions, warranties or exclusions from the 2011 form.
Starting June 16, 2014 any WQIS Policy that is in-force will be held covered under this new enhanced form and all new and renewal business after then will be issued on the 2014 Form. There will be no additional or return premium for this enhanced coverage.