The new Policy Form was spurred by a combination of the new OPA regulations announced last year, brokers’ desire for a clearer, more concise product and the need for assureds to be protected in an ever-changing environment. By including the new limits specified by the government, combining several endorsements into the main policy and automatically including several optional coverages, the new WQIS Policy Form is specifically built for today’s marine industry and beyond.
In 1971 WQIS was formed as the US insurance market’s response to Congress’ nation-wide initiative to improve the quality of America’s waterways. In the time since, they have taken on a leadership role by becoming an absolute specialist in the marine pollution industry. Leading the way with innovative and new coverages and progressively reacting as the law has evolved, WQIS has helped to shape the industry as a whole. Periods of major updates have occurred throughout their history, most notably the 1998 clauses. WQIS has also expanded and redrafted its Yard and Marina covers and will be introducing a new Fleeters Policy this summer. WQIS’ goal remains protecting the sea, the owners/operators of marine vessels, marinas, yards, cargo owners and any other person or entity that could become liable for causing a discharge or threat of a discharge from a vessel with the broadest coverage and most responsive organization in existence.