The impact of an oil spill can be devastating. It can completely ravage an ecosystem and cost billions of dollars to clean. Given the severity of oil spills, the U.S. government has regulations to protect the environment.
One of the regulations to ensure that vessels can pay the fines, penalties and damage after an oil spill is that all vessels over 300 gross tons have to have a Certificate of Financial Responsibility.
Why You Need a COFR
If you are a vessel over the weight limit and if you operate in the Exclusive Economic Zone or U.S. waters, then you have to have a COFR. Without one, you could face serious fines. For instance, you could be detained, fined up to $30,000 daily and more. In some cases, you may even have to give up your vessel.
How to Get a COFR
If you need COFR, then you can always apply for one online. You simply sign onto the U.S. Coast Guard’s website to find the application. You can complete the whole process electronically. You can even apply for supplemental COFR and make online payments. There is no need for paper copies.
If you have a ship that is over 300 gross tons and that operates within the EEZ or U.S. waters, then you need the COFR. While the COFR protects the environment, it also protects your vessel and your assets.