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AUGUST 2008 ISSUE

OFFSHORE DRILLING
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September 17, 2008

Coast Guard ups OPA 90 financial responsibility levels

The U.S. Coast Guard today published a Final Rule updating the requirements for vessel owners and operators to establish and maintain evidence of financial responsibility at the heightened OPA 90 liability levels established by the Delaware River Protection Act of 2006 (“DRPA”). As a result of the changes, vessel owners and operators will be required to provide to the Coast Guard new evidence of financial responsibility within 120 days of today.

The amendments also increase the COFR (Certificate of Financial Responsibility) application and certification fees, and eliminate the requirement that an original printed COFR be carried aboard covered vessels.

You can access the text of the Final Rule HERE

You can access a briefing by law firm Winston & Strawn HERE


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