Financial security for repatriation (Regulation 2.5)
Parts of the requirement covered by Regulation 2.5, are covered by the Act on the Employees’ Guarantee Fund, which is a statutory scheme covering masters and seafarers on board Faroese Ships if the general requirements to the Act are met. The coverage of the Fund is independent on whether the employer has paid the mandatory contribution.
Parts of the requirements covered by Standard A 2.5.2, are furthermore, covered by the following Faroese public social security schemes covering masters and seafarers on board Faroese ships: the health insurance scheme for seafarers as well as the sickness benefit and maternity/paternity benefit schemes for seafarers.
The owner of a Faroese ship is required to take out insurance or provide other similar security meeting the requirements of regulation 2.5, Standard A2.5.2. Requirements covered by the Employees’ Guarantee Fund or the above mentioned public social security schemes can, however, be exempted from the insurance or other similar security.
Proof of financial security under regulation 2.5.is, therefore, as regards Faroese ships, constituted partly by a declaration from an insurance company or another provider of a guarantee that meets annex A 2.1 of the Convention. If this declaration makes reservations as regards requirements covered by the Employees’ Guarantee Fund or the above mentioned social security schemes, attached declarations from Employees’ Guarantee Fund and the Faroese Maritime Authority must also be carried on board the ship.