Coast Guard Amends Monetary Property Damage Amounts For Reporting Requirements of “Serious Marine Incident” Effective Date is April 18, 2018

On Monday, March 19, 2018, the Coast Guard published its final rule amending the monetary property damage threshold amounts for reporting a marine casualty and for reporting a type of marine casualty called a ‘‘serious marine incident.’’ The threshold for reporting a “serious marine incident” has not been changed since the 1980s and has not kept up with inflation. The present monetary threshold is $25,000. The new regulation increases it to $75,000. The new regulation is effective on April 18, 2018.The announcement and final rule may be found following this link:https://www.gpo.gov/fdsys/pkg/FR-2018-03-19/pdf/2018-05467.pdf