Recent years have seen many policy changes enacted in relation to the environmental impact of businesses. This is especially true when it comes to large vessels tasked with transporting materials like oil across large bodies of water. If you run a business that deals with this type of work, then you definitely need to make sure you have the right coverage in the event of an unforeseen problem. Complying with regulations set forth by the government comes down to having a Certificate of Financial Responsibility and COFR insurance.
There are very strict guidelines controlling which vessels need to have this type of coverage. The information at https://www.wqis.com/ indicates that any vessel transporting oil across a body of water must obtain a certificate and proper insurance. Tonnage does not matter, either. This means all vessels, regardless of size, must comply in order to meet the requirements. The only exceptions to this are:
As long as the vessels you are using are carrying oil, you absolutely must obtain a certificate and proper insurance. Fortunately, getting the proper documentation for your vessel is a very straightforward process. The application does not take long and you can get the ball rolling in no time at all.
Adhering to government regulations is crucial for your business. Understand the ins and outs of COFR insurance to know whether it applies to your vessels.