Liability for Sunken Vessels: New Rules for Sellers
New rules introduce financial liability for individuals selling commercial vessels that later become recreational and sink. This aims to prevent abandoned wrecks and associated environmental and taxpayer costs. Sellers can avoid liability if the buyer has appropriate insurance.
Key points
Sellers of commercial vessels converted to recreational use may be liable for costs if the vessel sinks, including removal and pollution cleanup.
The liability does not apply to vessels less than 35 feet long or less than 40 years old.
Sellers are exempt if the buyer has insurance covering these expenses for 12 months from the transfer date.
Status:
Introduced
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