Providing Certificates of Financial Responsibility (COFR)
WQIS PROVIDES COFR GUARANTEES TO ITS POLLUTION POLICY HOLDERS FOR FREE.
WQIS ALSO PROVIDES COFR GUARANTEES AS A SEPARATE, STAND-ALONE OFFERING, TO VESSELS THROUGHOUT THE WORLD (details below)
To comply with the Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), vessels over 300 gross tons using the navigable waters of the United States must have a Certificate of Financial Responsibility (COFR). In addition, any vessel, REGARDLESS OF TONNAGE, that is LIGHTERING or TRANSSHIPPING oil in the Exclusive Economic Zone of the United States, must have a COFR. The only exceptions to this rule are public vessels and non-self propelled barges that do not carry oil as fuel or cargo, and do not carry hazardous substances as cargo. These two types of vessels do not require a COFR. The COFR is issued by the National Pollution Funds Center after the operator applies and demonstrates proof of financial responsibility via a guaranty. WQIS is an approved guarantor by the NPFC and can provide a Guaranty to the NPFC if an operator has pollution insurance with WQIS or if pollution insurance is placed with a WQIS approved insurer.
The CG-5585 can also be submitted to the NPFC either by enrolling on the National Pollution Funds Center website at https://npfc.uscg.mil/cofr as a registered user and applying for a COFR using their online E-COFR program, or by completing the CG-5585 application (available for download on this site) and mailing it with the applicable fees to the NPFC directly.
For the CG-5585 applicant, WQIS has arranged and appointed a United States agent authorized to accept service of process and receipt of notices of designations and presentations of claims in the United States. This is at no additional cost for the applicant; if required please contact WQIS for details.
For any questions regarding the WQIS COFR product or the application process please call our Underwriting Department at 212.292.8711 and ask for John Moy, John Ryszetnyk or Justin Mongello.