Annual Reports

Shoreline Mutual (Bermuda) Ltd. was incorporated in response to the Oil Pollution Act 1990 (OPA '90) which was legislation introduced in the wake of the Exxon Valdez disaster in 1989. Under this Act every ship entering United States waters has to provide evidence of its ability to pay for the consequences of oil pollution. The US Coast Guard issues a Certificate of Financial Responsibility (COFR) which proves that the polluter has both the means and ability to pay for the consequences of such a spill up to the limits specified under OPA '90. Similar provisions for financial responsibility contained within the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) were also implemented.

The Company supplies guarantees to the US Coast Guard to enable a COFR to be issued to its member, and has been doing so since becoming operational in conjunction with the effective date of legislation, December 28, 1994. Shoreline Mutual's sole activity is to act as a Guarantor on behalf of its Members, and is authorized by the US Coast Guard for the purpose of issuing guarantees up to the limits required by OPA '90 legislation.

Shoreline Mutual is operated for the benefit of its Shipowning Members. A Board of Shipowning Directors governs the Mutual. In accordance with the Management contract and under the guidance of the Board, Shoreline Management provides administrative and management services to Shoreline Mutual.

Shoreline Mutual is managed by Shoreline Insurance Managers Ltd., referred to as SIM.

Please note the Rule Book has been updated January 2009 (limit amended from $395m to $560m).

"During these turbulent economic times Shoreline continues to sail a steady course and continues to provide secure and affordable services to its Members and their Brokers. Shoreline’s Board, Management and Re-Insurers have controlled costs despite the recent substantial increase to OPA90 limits."

Taken from the 2008 Chairman's Report.

Shoreline continues to reduce its dependence on paper; This year's annual report is available on-line only.

 2008 Annual Report

 2007 Annual Report
 2006 Annual Report
 2005 Annual Report
 2004 Annual Report
 2003 Annual Report
 2002 Annual Report