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The Merchant Shipping (Maritime Labour Convention) (Minimum Requirements for Seafarers etc.) Regulations 2014

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This is the original version (as it was originally made).

Financial security requirement applicable to all ships

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49.—(1) A ship must not be operated unless the requirement in paragraph (2) is met.

(2) The requirement referred to in paragraph (1) is that there is in force in relation to the ship a contract of insurance (or other form of security) which provides financial assurance of an amount which the shipowner reasonably considers adequate to ensure that the shipowner will be able to meet any liabilities the shipowner may have, including liabilities under seafarer employment agreements, to provide compensation in the event of death or long term disability to seafarers arising from occupational injury, illness or hazard.

(3) A breach of paragraph (1) is an offence by the shipowner.

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