(a) The owner, agent, master, or person in charge of a vessel involved in a marine casualty shall give notice as soon as possible to the nearest Coast Guard Marine Safety or Marine Inspection Office, whenever the casualty involves any of the following:

(1) Each accidental grounding and each intentional grounding which also meets any of the other reporting criteria or creates a hazard to navigation, the environment or the safety of the vessel;

(2) Loss of main propulsion or primary steering or any associated component or control system which causes a reduction of the maneuvering capabilities of the vessel. Loss means that systems, components, sub-system or control systems do not perform the specified or required function;

(3) An occurrence materially and adversely affecting the vessel's seaworthiness or fitness for service or route, including but not limited to fire, flooding, or failure or damage to fixed fire extinguishing systems, lifesaving equipment, auxiliary power generating equipment, Coast Guard approved equipment or bilge pumping systems;

(4) Loss of life;

(5) Injury causing a person to remain incapacitated for a period in excess of 72 hours; or

(6) An occurrence resulting in damage to property in excess of $25,000.00. Damage includes the cost necessary to restore the property to the service condition which existed prior to the casualty but does not include the cost of salvage, gas freeing, drydocking, or demurrage.

(b) The notice must include the name and official number of the vessel involved, the name of the vessel's owner or agent, nature, location and circumstances of the casualty, nature and extent of injury to persons, and the damage to property.

(c) In addition to the notice required, the person in charge of the vessel shall report in writing or in person, as soon as possible to the Officer in Charge, Marine Inspection at the port in which the casualty occurred or nearest the port of first arrival. Casualties must be reported on Form CG-2692.

(d) The owner, agent, master, or other person in charge of any vessel involved in a marine casualty shall retain for three years the voyage records of the vessel such as both rough and smooth deck and engineroom logs, navigation charts, navigation work books, compass deviation cards, gyrocompass records, record of draft, aids to mariners, radiograms sent and received, the radio log, and crew, sailing school student, instructor, and guest lists. The owner agent, master, or other officer in charge, shall make these records available to a duly authorized Coast Guard officer or employee for examination upon request.

(e) Whenever a vessel collides or is connected with a collision with a buoy or other aid to navigation under the jurisdiction of the Coast Guard, the person in charge of the vessel shall report the accident to the nearest Officer in Charge, Marine Inspection. A report on Form CG-2692 is not required unless any of the results listed in paragraph (b) of this section occur.