Canada's New Minimum Insurance Requirements for Ships Carrying Passengers Now in Effect

As of January 11, 2019, the Government of Canada requires all commercial and public purpose ships carrying passengers to carry a minimum level of liability insurance.
Categories: Business Insurance
Jan 24th, 2019 | By: CapriCMW

On December 12, 2018, the Government of Canada announced new regulations under the Marine Liability Act, requiring all commercial and public purpose ships to carry a minimum of $250,000 liability insurance for every passenger on board. The new regulations are in effect as of January 11, 2019.

The purpose of these new regulations is two-fold. In the event of a marine accident:

  • passengers and their families receive fair compensation for injuries or fatalities
  • ship operators are protected from devastating financial losses

While most ship owners and operators already carry this level of insurance, it is now a legal requirement. Those without liability insurance have until March 12, 2019 to comply. Following March 12, vessel operators caught without the minimum required liability insurance risk having their vessels detained and fines up to $100,000.

There are a number of exemptions. See the Government of Canada’s Ship Safety Bulletin at tc.gc.ca/eng/marinesafety/bulletins-2018-13-eng.htm for further details.

For more information and resources on insurance and risk management, please contact a CapriCMW Risk Advisor.

Recent Blog Posts

Business Insurance / Directors and Officers Liability, corporation, shareholder
New Record Keeping Requirements for Private, Federally-Incorporated Businesses Come in Effect June 13, 2019

As of June 13, 2019, private companies incorporated under the Canada Business Corporations Act will…

Feb 13th, 2019 | By: CapriCMW
Personal Insurance / home safety, vacation, home security
10 Ways to Keep Your Home Safe While You're Away

If you have a second home, in a warmer climate, you may be thinking about heading in that direction…

Jan 24th, 2019 | By: CapriCMW
Business Insurance / Drones, uav, regulations
New Drone Regulations in Effect June 1, 2019

On January 9, 2019, the Government of Canada announced its new drone regulations which will come…

Jan 17th, 2019 | By: CapriCMW
Search the Blog
photo-10.jpg

Confidence and Freedom

At CapriCMW, we provide personalized insurance and custom risk solutions to give you the confidence and freedom to focus on what matters to you. Talk to an Advisor or get a quote today.

Get a Quote    Or call 1-800-670-1877

Can’t find what you are looking for? Ask us!