30 CFR § 553.31 - How can I use a surety bond as OSFR evidence?

---
identifier: "/us/cfr/t30/s553.31"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "30 CFR § 553.31 - How can I use a surety bond as OSFR evidence?"
title_number: 30
title_name: "Mineral Resources"
section_number: "553.31"
section_name: "How can I use a surety bond as OSFR evidence?"
chapter_name: "BUREAU OF OCEAN ENERGY MANAGEMENT, DEPARTMENT OF THE INTERIOR"
subchapter_number: "B"
subchapter_name: "OFFSHORE"
part_number: "553"
part_name: "OIL SPILL FINANCIAL RESPONSIBILITY FOR OFFSHORE FACILITIES"
positive_law: false
currency: "2026-03-24"
last_updated: "2026-03-24"
format_version: "1.1.0"
generator: "[email protected]"
authority: "33 U.S.C. 2704, 2716; 2716a; E.O. 12777, as amended."
regulatory_source: "76 FR 64623, Oct. 18, 2011, unless otherwise noted."
cfr_part: "553"
---


# 553.31 How can I use a surety bond as OSFR evidence?

(a) Each bonding company that issues a surety bond that you submit to BOEM as OSFR evidence must:

(1) Be licensed to do business in the State in which the surety bond is executed;

(2) Be certified by the U.S. Treasury Department as an acceptable surety for Federal obligations and listed in the current Treasury Circular No. 570;

(3) Provide the surety bond on Form BOEM-1020; and

(4) Be in compliance with applicable statutes regulating surety company participation in insurance-type risks.

(b) A surety bond that you submit as OSFR evidence must include all the information required by § 553.41.