MLC Financial Security — Abandonment

MLC 2006 Standard A2.5.2 (2014 amendments effective 2017) requiring shipowners to maintain insurance or other financial security for the repatriation, wages, and essential needs of seafarers in the event of abandonment. Abandonment is defined as failure to repatriate, failure to provide essential needs, or unilateral severance of ties including failure to pay wages for two months. The financial security certificate must be displayed on board. The IMO/ILO Joint Abandoned Seafarer Database publishes incidents; the financial security mechanism has reduced — though not eliminated — the lasting hardship to abandoned crews.