The Government of Canada takes marine safety and security, and the well-being of all Canadians very seriously. That is why we are taking action to better financially protect marine passengers, their families, and businesses in the event of a marine accident.
Today, the Honourable Marc Garneau, Minister of Transport, announced new regulations that require Canadian passenger vessel operators to carry a minimum of $250,000 in liability insurance for every passenger on board. This will ensure that all passengers and their families receive fair compensation in the event of injury or fatality in a marine accident, while protecting vessel operators against catastrophic losses and possible civil actions from passengers.
Most vessel operators already carry this level of insurance; however, the new regulations make liability insurance mandatory under the Marine Liability Act for passenger vessels. These new regulations align marine transportation with all other modes of transportation where mandatory insurance for passengers is the norm.
The new regulations will come into force on January 11, 2019.