MLC Financial Security
The Maritime and Port Authority of Singapore (MPA) requires Singapore-registered ships to obtain financial security under Section 34A of the Merchant Shipping (Maritime Labour Convention) Act 2014.
Certificates or other documentary evidence of financial security
Singapore-registered ships must, from 18 January 2017, carry on board certificates attesting that contracts of insurance or other financial security are in place to cover shipowners’ liabilities for
- outstanding wages and repatriation in accordance with MLC Regulation 2.5, Standard A2.5.2 and Guideline B2.5; and
- compensation for death or long-term disability in accordance with MLC Regulation 4.2, Standard A4.2 and Guideline B4.2.
Where more than one financial security provider provides cover in respect of the ship, the certificates provided by each financial security provider must be carried on board.
Shipowners must display copies of such certificates in a conspicuous place on board their ships where it is available to the seafarers.
The required information to be set out in such certificates can be found in MPA Shipping Circular No. 3 of 2017 / Rev.2. The certificates must be in English and if not in English, must be accompanied by an English translation.
The certificates of the contracts of insurance or other financial security may be inspected by port State control officers.
Approved financial security providers
Shipowners must obtain the contracts of insurance or other financial security for the abovementioned liabilities only from financial security providers that have been approved by MPA. The list of financial security providers that have been approved by MPA can be found at the bottom of this page or at MPA Shipping Circular No. 3 of 2017 / Rev.2. This list may be revised from time to time. Shipowners who wish to obtain cover from financial security providers not included in this list may approach MPA for approval.
The approved financial security provider must issue the shipowner with the certificates of the contracts of insurance or other financial security not later than 7 days after the date on which the contracts of insurance or other financial security are made or renewed.
Shipowners must provide copies of the certificates of the contracts of insurance or other financial security to MPA for MPA’s records. Scanned or electronic copies of such certificates must be submitted to MPA via email (MMO@mpa.gov.sg) not later than 7 days after the shipowner receives the certificates from the approved financial security provider. Shipowners may wish to arrange for their approved financial security providers to send copies of such certificates directly to MPA. These certificates do not need to be endorsed by MPA.
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