Alaska Financial Responsibility Requirements for Nontank Vessels 7 August 2000 No.00-009 The State of Alaska, U.S.A. has enacted a new law that requires approved proof of financial responsibility for self-propelled nontank vessels carrying bulk oil operated in Alaska. The law is to take effect on 1 September 2000. Any other provisions of he Alaska Statute concerning fines, sanctions and responsibility arising out of oil spills remain unchanged. The details of the new regulations are as follows:- 1. Outlines of the new law Vessels to be governed : self-propelled nontank vessels over 400 gross tons operated in the water of Alaska Effective date : 1 September 2000 Amount of financial responsibility to be required: a)   for a nontank vessel that carries predominantly persistent product (*) $300 per incident for each barrel of oil storage capacity on the vessel or $5,000,000, whichever is greater b)   for a nontank vessel that carries predominantly nonpersistent product (*) $100 per incident for each barrel of oil storage capacity on the vessel or $1,000,000, whichever is greater Acceptable proof of financial responsibility: One of the following will be acceptable. (1)   Affidavit of self insurance and most recent audited financial statement; (2)   Insurance certificate and insurance policy; (3)   Surety bond; (4)   Financial guarantee, accompanied by guarantor's evidence of self insurance; (5)   Letter of credit; (6)   Certificate of entry evidencing coverage by a Protection and IndemnityClub; (7)   Certificate of deposit with assignment of negotiable interest. The owners/operators entered with our Association will be able to pick out the method of ( f ) above, i.e., a copy of certificate of entry with our Association. The requirements of the Certificate of Financial Responsibility (COFR) do not apply to a nontank vessel operating in the waters of the state if the nontank vessel (1