Abandoned Vessel Prevention Act

Bill 119 hr 2500, also known as the Commercial Vessel Transfer Liability Act, aims to amend title 46 of the United States Code to hold individuals accountable for transferring a commercial vessel to a new owner for recreational use without ensuring that the new owner has proper insurance coverage.

Under this proposed legislation, if a person transfers the title of a commercial vessel or former commercial vessel to a new owner for recreational use and the new owner does not have the necessary insurance at the time of the transfer, the person who made the transfer will be held liable if the vessel sinks. This bill is designed to protect against potential financial losses and ensure that proper insurance coverage is in place to cover any accidents or incidents that may occur.

In addition to assigning liability for lack of insurance coverage, the bill also includes provisions for other purposes related to the transfer of commercial vessels for recreational use. This legislation aims to promote responsible ownership and operation of recreational vessels to enhance safety and protect against financial risks. Overall, the Commercial Vessel Transfer Liability Act seeks to address gaps in insurance coverage and hold individuals accountable for ensuring that proper insurance is in place when transferring commercial vessels for recreational use. By assigning liability in these situations, the bill aims to protect against potential financial losses and promote responsible ownership practices within the maritime industry.