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.

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