How is the limit of liability determined?

§ 148.605 How is the limit of liability determined? (a) The Coast Guard may lower the $350,000,000 limit of liability for deepwater ports set by 33 U.S.C. 2704(a)(4), pursuant to paragraph (d) of that section, particularly for natural gas deepwater ports that will store or use oil in much smaller amounts than an oil deepwater port. (b) Requests to adjust the limit of liability for a deepwater port must be submitted to the Commandant (CG-5P). Adjustments are established by a rulemaking with public notice and comment that may take place concurrently with the processing of the deepwater port license application. [USCG-1998-3884, 71 FR 57651, Sept. 29, 2006, as amended by USCG-2013-0397, 78 FR 39178, July 1, 2013]