s 34 Financial security requirement
34.—(1) Unless the requirement in subsection (2) is met, a shipowner must not allow the shipowner’s ship —(a) to go to sea; or (b) if it is already at sea, to remain at sea. (2) The requirement mentioned in subsection (1) is that there is in force a contract of insurance or other financial security —(a) that is contracted with, or provided by, an approved financial security provider; (b) that is adequate to ensure that the shipowner will be able to meet any liabilities the shipowner may have —(i) arising from the shipowner’s obligation to repatriate a seafarer; or (ii) to provide compensation in the event of death or long‑term disability to seafarers arising from occupational injury, illness or hazard; and (c) that contains such terms and conditions, and meets such other requirements, as may be prescribed.[29/2016] (3) The liabilities of the shipowner referred to in subsection (2)(b) include liabilities arising under —(a) sections 23(9), 24(1), 35, 36 and 37; (b) the Work Injury Compensation Act 2019 or the Work Injury Compensation Act (Cap. 354, 2009 Revised Edition) repealed by that Act; and (c) the seafarer’s employment agreements of seafarers working on the ship.[29/2016; 27/2019] (4) Where an approved financial security provider has made any payment to a seafarer under a contract of insurance or other financial security mentioned in subsection (2) for a liability arising from a shipowner’s obligation to repatriate a seafarer, any right which the seafarer has (or but for that payment would have had) against the shipowner as a result of the liability is, with respect to the amount of payment made, transferred to and vested in the approved financial security provider.[16/2020] (5) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both. (6) In this section, “approved financial security provider” means a provider of insurance or other financial security that has been approved by the Director under section 34A for the purposes of this section.[29/2016]