- The Republic of the Marshall Islands (RMI) has issued Marine notice no. 7-052-03 regarding requirements with respect to the 2014 amendments to the Maritime Labour Convention, 2006 to clarify on the financial security requirements (Required under standard A 2.5 and standard A 4.2).
- Beginning 18 January 2017, the requirement to maintain at all times above mentioned financial securities shall apply to all RMI-flagged vessels, with the exception of:
- Pleasure Yachts; and
- Vessels that do not have STCW (Convention on Standards of Training, Certification and Watch keeping for Seafarers ) certified personnel onboard performing duties in the capacity of their certification(s) under a seafarers employment agreement aboard that vessel (e.g., unmanned barges and non-self-propelled jackup rigs).
- MOU operators opting to self-insure may provide the required documentary evidence directly to the administrator stating the nature, amount and security of the liability reserve in lieu of an attestation from the financial security provider..
- Marine Notice 7-052-3.
This Technical Circular and the material contained in it is provided only for the purpose of supplying current information to the reader and not as an advice to be relied upon by any person.
While we have taken utmost care to be as factual as possible, readers/ users are advised to verify the exact text and content of the Regulation from the original source/ issuing Authority.