What amount of property damage classifies a serious marine incident?

A serious marine incident is classified based on the extent of property damage involved. The threshold for this classification is set at $200,000. This standard is rooted in regulatory definitions intended to identify incidents with significant implications for safety, environmental protection, and monetary loss.

Therefore, if property damage reaches or exceeds $200,000, it is considered serious because it reflects a significant incident that could have broader impacts on operations, marine environments, and the overall safety of maritime activities. Understanding this threshold is crucial for those working in marine safety, as it informs reporting obligations and responses to marine incidents.