Certificate of Financial Responsibility (COFR)
Certificate of Financial Responsibility (COFR):
The COFR program is administered by The U.S. Coast Guard’s National Pollution Funds Center (NPFC). The Vessel Certification Division of the NPFC ensures that responsible parties are identified and held responsible for the expenses incurred during a water pollution incident.
A COFR is issued to vessel operators once they have shown the can pay cleanup and damage costs up to the liability limits required by the Oil Pollution Act.
With a few limited exceptions, vessels greater than 300 gross tons and vessels of any size that are transferring oil between vessels or shipping oil in the Exclusive Economic Zone (EEZ) are required to comply with the COFR regulations in order to operate in U.S. waters.
Penalties for Non - Compliance Include...
- Denial of entry into U.S. ports
- Civil penalties of up to $32,500 per day
- Seizure or forfeiture of the vessel