[A. Pole]

the lifeguard, of course, will not pay anything at all....except to live with the consequences of his (in)action

There were no consequences - kid was saved by someone else on the scene.

[NautiNurse]

I'll wager the lifeguard didn't forget to bring his sunscreen, cell phone, and IPOD. A lifeguard's general duties include ensuring all of the rescue equipment are easily accessible, and in good working order. Gross negligence--and if this is a public facility, the taxpayers are on the hook.

Let's see what you would do on the operating table, when you learn the surgeon forgot to bring the suture material to sew up your gaping incision.