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USCG – New Oil Pollution Limits on Liability
Friday, August 18, 2006
The U.S. Coast Guard issued a notice announcing that recent legislation has increased the limits on liability for discharges and substantial threats of discharge of oil from vessels into waters of the United States. The existing Coast Guard regulations relating to the certificate of financial responsibility (COFR) will remain in effect until amended through rulemaking. Note: Ship owners and operators should be aware that, until the planned changes to the COFR regulations come into effect, there will be a difference between the maximum insurance required under the regulations and the maximum potential liability for oil spill costs and damages under the law. Owners and operators should consider acquiring insurance to cover at least the statutory maximum, not just the lower regulatory COFR amount. 71 Fed. Reg. 47737
source: HK Law
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