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Requirements of financial security contract for death or long‑term disability

Merchant Shipping (Maritime Labour Convention) (Financial Security) Regulations 2017

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A financial security contract for death or long‑term disability must provide —(a)that any of the following persons may bring a claim for compensation:(i)a seafarer who suffers long‑term disability;(ii)a next‑of‑kin of a seafarer who dies or suffers long‑term disability;(iii)a representative of a seafarer who dies or suffers long‑term disability;(iv)a beneficiary of a seafarer who dies or suffers long‑term disability;(b)that compensation in the event of death or long‑term disability to seafarers arising from occupational injury, illness or hazard must be paid —(i)in full; and(ii)without delay;(c)that, where full compensation in the event of long‑term disability to a seafarer is difficult to assess by reason of the nature of the disability, interim payments must be made to the seafarer to avoid undue hardship;(d)that the parties to the payment of a claim for compensation under the financial security contract must sign a receipt and release in the form set out in the First Schedule; and(e)that the signed receipt and release must be submitted by the shipowner to the Director not later than 30 days after it has been signed.

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