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Code of Federal Regulations Title 33. Navigation and Navigable Waters § 33.135.211 Surety bond as evidence

Current as of January 02, 2025 | Updated by Findlaw Staff

(a) Each surety bond filed with the Fund Administrator as evidence of financial responsibility shall be issued by a bonding company that:

(1) Is authorized to do business in the United States;

(2) Is licensed to do business in the state or territory in which the bond is executed;

(3) Is certified by the Department of the Treasury with respect to the issuance of Federal bonds in the penal sum of the bond;  and

(4) Designates an agent in the United States for service of process.

(b) The bonding company must agree to be sued directly, within the limits of the surety bond, by any person for claims under the Act against the owner or operator.

(c) A surety bond as evidence of financial responsibility must indicate the effective date in the endorsement on the application for Certificate of Financial Responsibility, and must remain in force until the date of termination indicated in the endorsement or until:

(1) 30 days after mailing, by certified mail, to the Fund Administrator, and the person bonded, notification of intent to cancel;  or

(2) Other evidence of financial responsibility acceptable to the Fund Administrator has been established;  or

(3) The facility to which the surety bond applies ceases to be a facility under § 135.201(b).

(d) Termination of the surety bond shall not affect the liability of the surety for an incident occurring before the effective date of termination.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 33. Navigation and Navigable Waters § 33.135.211 Surety bond as evidence - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-33-navigation-and-navigable-waters/cfr-sect-33-135-211/

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