C4.2.2.a. What is the financial security to provide compensation for death and long-term disability?
Standard A4.2.2, paragraph 2, incorporated through the 2014 amendments to the Code of the MLC, 2006 66 , provides that the system of financial security may be in the form of a social security scheme or insurance or fund or other similar arrangements. Its form shall be determined by the Member after consultation with the shipowners’ and seafarers’ organizations concerned. While the large majority of countries is currently having recourse to private insurances, some countries have in place a system based on a social security scheme.
Shipowners’ liability