§ 138.40. General requirements.
162 words·~1 min read·
/us/cfr/t33/s§ 138.40·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.
Connections2 cite this
Cited by 2 sections
Citation graph
cites case law
§ 138.40
General requirements.
Fed. Reg.×2
Cites 0Cited by 2 across 1 source