Reports reaching iNews indicate that the accident took place at St Johns in the lower Pomeroon River.
According to reports, Orson Benjamin was taking his wife and young child to school in his boat when the two vessels collided.
The boat, captained by Benjamin, was reportedly hit by the Coast Guard vessel which was proceeding to Charity, resulting in Benjamin falling overboard, never to resurface.
His wife, Simone Benjamin suffered injuries and is under observation at the Charity hospital while the young child escaped unscathed.
Police are currently conducting investigations into the accident and a search is underway for the missing man.