🔍 Key Concepts

• Definition of property damage in marine casualty reporting under 46 CFR • What is included in the cost to restore a vessel after an incident • Difference between direct repair costs and other financial losses like lost revenue or third-party claims

💭 Think About

• Ask yourself: When the Coast Guard talks about property damage for reporting thresholds, are they focusing on the vessel’s repair costs, or all possible financial impacts of the accident? • Think about which of the choices represents a clear, direct, measurable cost needed to put the vessel back into its pre‑casualty condition. • Consider whether lost revenue or third‑party legal claims are treated the same way as physical damage to the vessel itself for property damage calculations.

✅ Before You Answer

• Verify how property damage is defined in casualty reporting regulations (46 CFR Part 4). • Check which items are direct repair costs versus indirect or consequential losses. • Confirm whether there is a specific dollar cap mentioned in the regulatory definition of property damage.