What size vessel requires a Certificate of Financial Responsibility (COFR)?

The requirement for a Certificate of Financial Responsibility (COFR) is tied to the size of the vessel, specifically those that are engaged in certain activities related to oil spill liability. The correct answer indicates that vessels of 300 Gross Tons (GT) or more are required to possess a COFR to ensure that they can cover potential liabilities stemming from oil spills.

The rationale behind this size criterion is rooted in the potential risk and environmental impact associated with larger vessels. Vessels that are 300 GT or larger are viewed as having greater capacity to carry fuel and thus present a higher risk of causing significant environmental damage in the event of an oil spill. The financial responsibility ensures that the operators of these vessels can respond to such incidents financially, thus helping to protect marine environments and mitigate the effects of spills.

This regulatory framework is part of a broader strategy to promote accountability and preparedness among maritime operators, emphasizing the importance of being able to address the environmental repercussions of oil spills through adequate financial means.