§ 138.40 General requirements.
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Title 33 CFR: Navigation and Navigable Waters › Chapter I: COAST GUARD, DEPARTMENT OF HOMELAND SECURITY › 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: § 138.40 General requirements.
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(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.
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