News 24 Jun, 2024 Washington State, USA- Financial Responsibility Requirements Erin Walton Assistant Corporate Director Many US states choose to require additional evidence of financial responsibility on top of the requirements already mandated by the US Federal government. For example, Alaska and California both require additional Certificates of Financial Responsibility, or COFRs. Download PDF In 2022, the Washington legislature passed an act updating financial responsibility requirements for vessels in Washington waters, which will require vessel owners who transport hazardous substances (including oil) in bulk to provide evidence of financial responsibility directly to the state of Washington. In June 2024, the Department of Ecology completed the necessary rulemaking process . Vessels must comply with these requirements before the implementation date (being 21 months from the effective date-15 July 2024). Financial Responsibility must be demonstrated as defined below (WAC 173-187-100) Vessel Type Financial Responsibility Amounts (USD) Barges that transport hazardous substances in bulk as cargo $5,000,000 or $300 per gross ton, whichever is greater Tank vessels, including tank barges $1,000,000,000 Tank vessels, including tank barges, 300 gross tons or less $5,000,000 or $3,000 per barrel of the barge’s total capacity, whichever is greater Cargo vessel (a self-propelled ship in commerce, other than a tank vessel, fishing vessel, or a passenger vessel, of 300 or more gross tons) $300,000,000 Passenger vessel (a ship of 300 or more gross tons with a fuel capacity of at least 6,000 gallons carrying passengers for compensation) $300,000,000 Passenger vessels that transport passengers and vehicles between Washington and a foreign country $500,000 or $600 per gross ton, whichever is greater Fishing vessel that carries predominantly nonpersistent oil $1,334,000 or $133.40 per each barrel of total oil storage capacity, whichever is greater Fishing vessel that carriers pr