There have been some important updates to the Marine Liability Act as detailed below. Due to these changes, we strongly recommend a minimum of $3,000,000 liability for your protection to cover the limits imposed in the Marine Liability Act.
Marine Liability Act changes:
Transport Canada has advised that Bill C-47 passed on June 22, 2023, which implements changes to the Marine Liability Act for Pleasurecraft as follows:
- Increases to maximum liability for certain claims involving a ship of less than 300 gross tonnage from $1 million for loss of life and personal injury and $500,000 for any other claims to $1.5 million and $750,000, respectively.
With the limits increased to $1,500,000 for personal injury and $750,000 for property damage, the needed coverage would be $2,250,000. When interest and court costs are added, boat owners should have $3,000,000 of coverage to insure they have enough liability protection.
For more information on these changes please review the following link: Marine Liability Act (justice.gc.ca)
Please contact your broker to discuss these changes as soon as possible for your peace of mind.
