Mobil Corp. has obtained the U.S. Coast Guard's first certificate of financial responsibility (COFR) issued under the 1990 Oil Pollution Act (OPA).
Mobil had to set up its own system of self insurance to obtain the COFR and keep its tankers calling at U.S. ports. Under OPA, ships must obtain COFRs to prove they have the wherewithal to clean up oil spills to the liability limits established under OPA. Tanker owners have a deadline of Dec. 28, 1994, to submit proof of financial responsibility. But because tanker contracts must be signed well in advance of shipping dates, the effective deadline for compliance could be as early as the end of September.
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