Watercraft; insurance requirements; penalties

Summary

This bill, enacted on the effective date stated in the act, amends Arizona watercraft insurance requirements by increasing minimum liability coverage limits and establishing penalties for noncompliance. Lenders that finance watercraft must ensure borrowers maintain proof of the updated insurance, while insurers and agents must adjust policy offerings to meet the new minimums. The bill primarily affects consumers, lenders, and insurers operating in Arizona's watercraft market.