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 Code of Federal Regulations (Last Updated: May 6, 2024)
 Title 33 - Navigation and Navigable Waters
 Chapter I - Coast Guard, Department of Homeland Security
 SubChapter M - Marine Pollution Financial Responsibility and Compensation
 Part 138 - Evidence of Financial Responsibility for Water Pollution (Vessels) and OPA 90 Limits of Liability (Vessels, Deepwater Ports and Onshore Facilities)
 Subpart A - Evidence of Financial Responsibility for Water Pollution (Vessels)

  § 138.40 - General requirements.  

Latest version.

  • § 138.40 Forms.

    All forms referred to in this subpart may be obtained from NPFC by requesting them in writing at the address given in § 138.45(a) or by clicking on the Forms link at the NPFC E-COFR Web site, https://npfc.uscg.mil/cofr/default.aspx.

    [USCG-2005-21780, 73 FR 53697, Sept. 17, 2008, as amended by USCG-2012-0306, 77 FR 37315, June 21, 2012]

    General requirements.

    (a) Requirement to establish and maintain evidence of financial responsibility. The COFR Operator of a vessel must establish and maintain (or cause to be established and maintained) evidence of financial responsibility acceptable to the Director using any one of the methods specified in § 138.110, in an amount equal to or greater than the total applicable amount determined under § 138.100 and, in the case of a financial guarantor, as further provided under § 138.110(c)(2) (aggregation of total applicable amounts). The evidence of financial responsibility required by this paragraph must be -

    (1) Established as of the date they become a responsible party; and

    (2) Continuously maintained for so long as they remain a responsible party.

    (b) Requirement to have a COFR and report changes. The COFR Operator must apply for and ensure the vessel is covered at all times by a current COFR, by complying with the requirements and procedures set forth in this subpart, including the reporting requirements in § 138.150.