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Why You Need a Certificate of Financial Responsibility

Why You Need a Certificate of Financial Responsibility

Why You Need a Certificate of Financial Responsibility

There are a number of moving parts involved with running a business that involves seafaring vessels. In order for you to stay successful, you need to take time to consider the various rules and regulations governing your specific type of work. Obtaining a COFR, for example, might be a vital step for your business to make in the near future. Also known as a Certificate of Financial Responsibility, this certificate is a must for any business that fits the criteria.

Who Needs This Certification?

According to the experts at https://www.wqis.com, only certain ships need to consider obtaining a Certificate of Financial Responsibility. Essentially, any boat weighing over 300 tons and traveling US waters absolutely needs this type of certification. If your vessels are under 300 tons, they will still need the certificate if they are used to ship oil in the Exclusive Economic Zone of the United States. Exceptions to this rule include:

  • Self-propelled barges
  • Small ships that don’t carry oil for fuel or cargo
  • Ships that carry no hazardous substances for fuel or cargo

Meeting the Standards

Should your business meet the standards set forth by the United States government, you absolutely need to get started on filling out an application for a Certificate of Financial Responsibility. The sooner you get started, the easier it will be for you to protect your business against any unforeseen events.

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