MLC Financial Security

MLC 2006 Standard A2.5.2 (2014 amendments in force 2017) requires every shipowner to maintain financial security for the repatriation, wages, and essential needs of seafarers in the event of abandonment. Standard A4.2.1 requires similar financial security for shipowner liability for personal injury + death. The insurer must be named on the DMLC Part II onboard. Typical providers are the 13 International Group P&I Clubs + specialist non-IG sureties. On abandonment, seafarers or their advocates call the insurer directly — the mechanism has substantially reduced (though not eliminated) hardship to abandoned crew.