reg 53D Payment of contractual compensation
(1) This regulation applies where a claim for contractual compensation is submitted to a shipowner’s security provider. (2) A shipowner’s security provider must pay the contractual compensation to the seafarer, or the seafarer’s personal representative, within 7 days beginning with the date on which it is established that the shipowner is liable for the contractual compensation either— (a) by agreement between— (i) the shipowner’s security provider; and (ii) the seafarer or the seafarer’s personal representative; or (b) by order of a court or tribunal which is not subject to appeal. (3) A shipowner’s security provider who fails to comply with paragraph (2) must pay to the seafarer, or the seafarer’s personal representative, interest on the unpaid amount at the rate of 20% per year beginning with the date that the shipowner’s security provider became satisfied of the shipowner’s liability. (4) In this regulation, “claim for contractual compensation” means a claim for compensation in the event of death or long term disability of a seafarer arising from occupational injury, illness or hazard where the compensation payable in respect of the claim is set out in the seafarer’s seafarer employment agreement, and “contractual compensation” is to be construed accordingly.