---
kind: "section"
citation: "33 C.F.R. § 138.40"
title: "33"
number: "138.40"
heading: "General requirements."
url: "https://uscodex.org/cfr/33/138.40"
---

# §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](/cfr/33/138.110.md), in an amount equal to or greater than the total applicable amount determined under [§ 138.100](/cfr/33/138.100.md) and, in the case of a financial guarantor, as further provided under [§ 138.110(c)(2)](/cfr/33/138.110.md?p=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](/cfr/33/138.150.md).

## Notes

### Source

Source: 86 FR 68139, Dec. 1, 2021, unless otherwise noted.

### Authority

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.

### Source

Source: USCG-2005-21780, 73 FR 53697, Sept. 17, 2008, unless otherwise noted.