Anyone operating a vessel in the marine industry is likely familiar with the required certificate of financial responsibility, or COFR for short, that these vessels are required to carry in case of oil spillage. While your company may already have a COFR, the connections between this program and your pollution insurance coverage may not always be clear. Here’s what you should know about your pollution coverage’s role in meeting the requirements laid out by COFR and other regulatory policies.
Your Pollution Coverage Helps You Meet COFR-Standard Responsibilities
By ensuring that marine companies can cover the costs of chemical or oil leaks, the COFR implicitly lays out some pollution-related responsibilities for these companies. Your pollution coverage provides you a motivator to meet regulatory standards and also provides a safety net in the eventuality of a lawsuit.
All Vessels Requiring COFR May Benefit From Pollution Products
If your vessel is required to have a COFR, there’s a strong chance you could benefit from the right pollution products. Some types of coverage to consider encompass:
- Cargo owners pollution coverage
- Worldwide coverage
- Shipyard or marina vessel coverage
Your company’s certificate of financial responsibility not only ensures you can cover oil spill costs but also carries some implicit responsibilities as well. In order to make sure you comply with regulations and are covered in case of lawsuits, review your pollution insurance to make sure your coverage is up to snuff.