15. Compensation scheme

A seafarer recruitment and placement service shall establish a system of protection, by way of insurance or an equivalent appropriate measure, to compensate seafarers for monetary loss that they may incur as a result of the failure of a recruitment and placement service or the relevant shipowner under the seafarer’s employment agreement to meet its obligations to them, and to ensure that seafarers are informed, prior to or in the process of engagement, of their rights under that system.