What types of coverage may be filed to establish proof of responsibility for non-performance?
Cruise lines file a surety bond, guaranty or an escrow account as coverage. The surety must be on the Department of the Treasury’s Listing of Approved Sureties (Department Circular 570) available at http://fms.treas.gov/c570. The guarantor must be acceptable to the Commission, i.e., a protection and indemnity association with sufficient assets in the U.S. Please contact the Office of Passenger Vessels and Information Processing to determine acceptability. The surety and guaranty forms are available by clicking on the Forms link at the Bureau of Certification and Licensing home page. The escrow agreement must be approved by the Commission. Please contact the Office of Passenger Vessels and Information Processing to discuss escrow agreement and escrow agent requirements.
