Overview of COFR

Any vessel trading in the United States must have a Certificate of Financial Responsibility (COFR) to ensure they can bear the costs for cleanup from an oil spill. Vessel operators who do not comply are subject to detainment, denial of entry, penalties exceeding $30,000 per day, and seizure or forfeiture of the vessel. Safe Harbor COFR policy provides the Certificate of Financial Responsibility Guaranty product to satisfy the regulatory requirement for vessel owners trading to the United States.

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