News Release:
For Immediate Release
For more information, contact:
Jeanine Debar at (212) 243-2022 x305
or jeanine@thejamesgroup.com

WQIS ANTICIPATES NEW COFR LIMIT INCREASE
Will Amend COFR Compliance with USCG on Assureds’ Behalf

July 8, 2009 (New York, NY)
Limits of liability for vessels under OPA 90 are set to increase again on July 31, 2009 by a notice in the U.S. Coast Guard Federal Register/Vol. 74, No. 125/Wednesday, July 1, 2009 to reflect significant increases in the Consumer Price Index (CPI).

Anticipating these changes, Water Quality Insurance Syndicate (WQIS) will be amending its financial responsibility (CG 5586 and or CG 5586-1) with the Vessel Certification Branch of the USCG National Pollution Funds Center on behalf of all WQIS assureds for which evidence is currently provided. The only exceptions are assureds who have not purchased limits that are equal to or greater than the new limits shown below.

WQIS is automatically holding covered the new per gross ton limits until the policy expires, but only up to the current policy limit purchased. This may mean that the assured will not have the higher limit. For instance, if $5,000,000 is currently purchased on any vessel other than a tank vessel (current limit is greater of $950 per gross ton or $800,000) and the new limit is the greater of $1,000 per gross ton or $854,400, we will hold covered the $1,000 per gross ton, but only up to $5,000,000. For the higher limits the broker must contact an underwriter and obtain a hold covered.

Additional limit in some cases will require an additional premium.

In the event a WQIS assured has not yet obtained the sufficient limit to fulfill the new requirements, please contact your WQIS underwriter immediately.

About WQIS
WQIS is the largest U.S.-based underwriter of pollution liability insurance for marine vessels. With over 38 years in the industry, no one has more marine pollution insurance and spill response expertise, or offers more innovative coverage to the marine community. WQIS is dedicated to providing the broadest coverage and creating the most responsive organization to serve the needs of their clients.