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2013-02-27; vol. 78 # 39 - Wednesday, February 27, 2013
78 FR 13268 - Passenger Vessel Operator Financial Responsibility Requirements for Nonperformance of Transportation
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FEDERAL MARITIME COMMISSION
The Final Rule is effective: April 2, 2013.
46 CFR Parts 501 and 540
The Federal Maritime Commission amends its rules regarding the establishment of passenger vessel financial responsibility for nonperformance of transportation. The amount of coverage required for performance is modified to increase the cap on required performance coverage to $30 million over a two year period and thereafter adjust the cap every two years using the Consumer Price Index; adjust the amount of coverage required for smaller passenger vessel operators by providing for consideration of alternative forms of protection; remove the application form for issuance of certificates of financial responsibility from the Commission's regulations and make it available at its Web site; add an expiration date to the Certificate (Performance); and make technical adjustments to the regulations.