New Liability Rules for Selling Decommissioned Commercial Vessels.
This law assigns financial responsibility to sellers of large, old commercial vessels converted for recreational use if the boat sinks and causes pollution or damage. The seller is only exempt if the buyer secures specific insurance covering cleanup and removal costs at the time of transfer. This measure aims to protect taxpayers and the environment from the costs associated with abandoned sunken vessels.
Key points
Sellers of large, old commercial vessels must ensure the buyer has insurance covering the costs of wreck removal and pollution cleanup.
If the vessel sinks without the required insurance, the seller is liable for cleanup, debris removal, and related damages.
The rules primarily apply to vessels 35 feet or longer AND 40 years or older that were previously used commercially.
Status:
Expired
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