Articles

Changes to Alaska Financial Responsibility Requirements

Alaska State law requires vessel operators to demonstrate proof of financial responsibility for claims resulting from an oil spill. To reflect significant increases in the Consumer Price Index (CPI), Alaska’s Department of Environmental Conservation recently adopted an order which increases the limits of liability for vessels and offshore facilities under Alaska state law by approximately 9% across the board, effective October 1, 2014.

WQIS assureds with Alaska financial responsibility limits greater than their WQIS policy limit will need to obtain higher limits either from WQIS or an excess liability policy to meet the new requirements. For more information on how your renewal quotes may be impacted, please contact the WQIS underwriting team.

Alaska State law requires vessel operators to demonstrate proof of financial responsibility for claims resulting from an oil spill. To reflect significant increases in the Consumer Price Index (CPI), Alaska’s Department of Environmental Conservation recently adopted an order which increases the limits of liability for vessels and offshore facilities under Alaska state law by approximately 9% across the board, effective October 1, 2014. WQIS assureds with Alaska financial responsibility limits greater than their WQIS policy limit will need to obtain higher limits either from WQIS or an excess liability policy to meet the new requirements. For more information on how your renewal quotes may be impacted, please contact the WQIS underwriting team.