WHB/5/3
Sponsored by Ava Beilharz, Molly Kelso of West High School
This legislation was filed in the Commerce and Insurance category
Presented as part of the YIG Volunteer 2024 conference
| 1 | Section 1: All terms in this act, unless the context requires otherwise, will be defined as follows: |
| 2 | Jetboat: A jet boat is a boat propelled by a jet of water ejected from the back of the craft. |
| 3 | Jet Drive propulsion: Jet drives use an engine to power a strong water pump. The pump sucks up |
| 4 | water and then forces a jet of water out the back of the vessel to thrust the vessel forward. |
| 5 | Boat Insurance: Boat insurance protects you financially from injuries or damage you cause to |
| 6 | others while boating. Insurance can also cover your watercraft and trailer if it gets stolen or |
| 7 | physically damaged. |
| 8 | CISS (Consumer Insurance Service Section): This office provides consumer outreach and |
| 9 | mediation services to consumers to help resolve insurance-related disputes. In addition, a fraud |
| 10 | and special investigations unit investigates and recommends actions against violators of Tennessee |
| 11 | insurance statutes. |
| 12 | |
| 13 | Section 2: By enacting this bill, all boat insurance agencies in Tennessee will be required to offer a |
| 14 | 25% insurance discount. This includes jet boat owners with a boat that meets or exceeds 16 ft, |
| 15 | registered in Tennessee. This act will promote safer boating and will potentially decrease boating |
| 16 | related incidents in the state of Tennessee. |
| 17 | |
| 18 | Section 3: Insurance companies will be required to offer this discount to current and future jet |
| 19 | boat owners. The jet boats included must have jet drive propulsion, and meet or exceed 16 feet. |
| 20 | There will be no negative fiscal effect on the state of Tennessee, as all the money will be coming |
| 21 | from private insurance firms. Yamaha Jet boats are manufactured in Vonore, Tennessee. Assuming |
| 22 | that the incentive will influence more people to purchase jet boats, this could positively affect the |
| 23 | economy in the state of Tennessee. |
| 24 | |
| 25 | Section 4: This bill will not cost the state any money. However, it will attenuate the revenue of |
| 26 | boating insurance agencies in the state of Tennessee. This will be enforced by the Tennessee State |
| 27 | Government, more specifically the CISS. Insurance companies that fail to obey this law will be |
| 28 | fined $5,000, with every proceeding offense increasing 25%. |
| 29 | |
| 30 | Section 5: All laws or part of laws in conflict with this are hereby repealed. |
| 31 | |
| 32 | Section 6: This act shall take effect January 1, 2025, the public welfare requiring it. |
| 33 |