---identifier: "/us/cfr/t33/s138.40"source: "ecfr"legal_status: "authoritative_unofficial"title: "33 CFR § 138.40 - General requirements."title_number: 33title_name: "Navigation and Navigable Waters"section_number: "138.40"section_name: "General requirements."chapter_name: "COAST GUARD, DEPARTMENT OF HOMELAND SECURITY"subchapter_number: "M"subchapter_name: "MARINE POLLUTION FINANCIAL RESPONSIBILITY AND COMPENSATION"part_number: "138"part_name: "EVIDENCE OF FINANCIAL RESPONSIBILITY FOR WATER POLLUTION (VESSELS) AND OPA 90 LIMITS OF LIABILITY (VESSELS, DEEPWATER PORTS AND ONSHORE FACILITIES)"positive_law: falsecurrency: "2026-03-24"last_updated: "2026-03-24"format_version: "1.1.0"generator: "[email protected]"authority: "6 U.S.C. 552(d); 33 U.S.C. 2704, 2716, 2716a; 42 U.S.C. 9608, 9609; E.O. 12580, Sec. 7(b), 3 CFR, 1987 Comp., p. 193; E.O. 12777, Secs. 4 and 5, 3 CFR, 1991 Comp., p. 351, as amended by E.O. 13286, Sec. 89, 3 CFR, 2004 Comp., p. 166, and by E.O. 13638, Sec. 1, 3 CFR, 2014 Comp., p.227; Department of Homeland Security Delegation Nos. 00170.1, Revision 01.2 and 5110, Revision 01. Section 138.40 also issued under the authority of 46 U.S.C. 2103 and 14302."regulatory_source: "USCG-2005-21780, 73 FR 53697, Sept. 17, 2008, unless otherwise noted."cfr_part: "138"---
Identifier
/us/cfr/t33/s138.40
Currency
2026-03-24
Positive Law
No
Updated
2026-03-24
Chapter
Coast Guard, Department of Homeland Security
Authority
6 U.S.C. 552(d); 33 U.S.C. 2704, 2716, 2716a; 42 U.S.C. 9608, 9609; E.O. 12580, Sec. 7(b), 3 CFR, 1987 Comp., p. 193; E.O. 12777, Secs. 4 and 5, 3 CFR, 1991 Comp., p. 351, as amended by E.O. 13286, Se... 6 U.S.C. 552(d); 33 U.S.C. 2704, 2716, 2716a; 42 U.S.C. 9608, 9609; E.O. 12580, Sec. 7(b), 3 CFR, 1987 Comp., p. 193; E.O. 12777, Secs. 4 and 5, 3 CFR, 1991 Comp., p. 351, as amended by E.O. 13286, Sec. 89, 3 CFR, 2004 Comp., p. 166, and by E.O. 13638, Sec. 1, 3 CFR, 2014 Comp., p.227; Department of Homeland Security Delegation Nos. 00170.1, Revision 01.2 and 5110, Revision 01. Section 138.40 also issued under the authority of 46 U.S.C. 2103 and 14302.
# 138.40 General requirements.(a) *Requirement to establish and maintain evidence of financial responsibility.* The COFR Operator of a vessel must establish and maintain (or cause to be established and maintained) evidence of financial responsibility acceptable to the Director using any one of the methods specified in § 138.110, in an amount equal to or greater than the total applicable amount determined under § 138.100 and, in the case of a financial guarantor, as further provided under § 138.110(c)(2) (aggregation of total applicable amounts). The evidence of financial responsibility required by this paragraph must be—(1) Established as of the date they become a responsible party; and(2) Continuously maintained for so long as they remain a responsible party.(b) *Requirement to have a COFR and report changes.* The COFR Operator must apply for and ensure the vessel is covered at all times by a current COFR, by complying with the requirements and procedures set forth in this subpart, including the reporting requirements in § 138.150.