Here in Australia it isn't one governing body that handles the disposal of your out of date flares, it comes down to each state or territory who you should hand these in to.
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Do not discard un-serviceable flares in general rubbish collections, landfill, bush or on the water. 
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Flares signal that you are in trouble and provide an exact location for searching aircraft or vessels. Only ignite them when rescuers are in view and can spot your flare.
Your flares must be in date. Flares have a life span of 3 years and must be replaced before they expire. The expiry date is printed on the flare.
It is illegal to keep out of date flares on deck and depending on which state you are in you may incur a fine.

• Keep flares and EPIRBs in good condition and accessible at all times on your boat. You should clearly sign where safety equipment is kept on your boat.
• Make sure you know how to use flares and EPIRBs before you go out on your boat so you’re ready in an emergency.
• Check the expiry dates on safety equipment regularly and replace them before it expires.

When it comes to boating, it can be easy to get caught up in daydreams of finding scenic fishing spots, perfect cruising grounds, hidden coves and bays, sunning yourself on deck, or skiing and tubing on the lake. It's easy to feel over your head when it comes to obtaining the proper insurance for your boat. That's because boats are a bit of an odd duck in the insurance world: Insuring a runabout has much in common with buying auto insurance while insuring a million-dollar yacht more closely resembles buying home insurance for a small house.

Failure to understand what’s in your policies can lead to some real disappointments in the event that something should happen to our boats. Having the right insurance in place before you hit the water can help you rest easy, so you can satisfy all your dreams about boating — whatever they may be.

How do 'agreed value' and 'market value' policies differ?

A boat is a lot like a car. The moment you drive it off the lot, it starts depreciating.

To help boaters save money on insuring older vessels, insurers offer the option of "agreed value" (think retail price) versus "market value" (think depreciation) in the case of a total loss.

With agreed value, the insured and insurer agree on the value of the boat upfront. If something happens to the boat, you're going to get paid up to the agreed value.

With market value, the boat depreciates; so if the boat is destroyed, you're going to get enough money to replace the boat's (current) value. If you bought the boat in 2005, you're not going to get enough money to buy a 2011 model; you're going to get enough to buy a 2005 model.

Here are some of the things to consider when looking for the right marine/pleasure craft insurance policy. It is always a good idea to ask a lot of questions as to what you think you need covered even if you think it is a silly question, better to be safe than sorry.