Last Updated on Wednesday, 04 February 2009 09:15 Tuesday, 03 February 2009 16:53

Issue: The Coast Guard issued a final rule increasing the levels of financial responsibility that must be demonstrated by owners/operators of vessels operating on U.S. waters. The amounts of the Certificates of Financial Responsibility (COFR's) are being increased to remain consistent with recent statutory increases and future mandated increases under the Oil Pollution Act of 1990 (OPA 90). These new changes come into effect on October 17th, 2008 and vessels requiring COFR's must have COFR's that reflect the new appropriate amount by January 15th, 2009. Under OPA 90, owners/operators of vessels from which oil is discharged, or which poses the threat of a discharge of oil, into the navigable waters or exclusive economic zone of the U.S., are liable for the removal costs and damages that result from such an incident.

Status: All OMSA vessel companies are encouraged to meet with their vessel insurance provider to ensure that they are in compliance with the new liability limits prior to the January 15th, 2009 deadline.

For full details go to:
http://frwebgate4.access.gpo.gov/cgi-bin/PDFgate.cgi?WAISdocID=7062299028+1+1+0&WAISaction=retrieve