Document ID: chunk:federal_register_of_legislation:C2012A00054:clause:2_61am
Version: federal_register_of_legislation:C2012A00054
Segment Type: clause
Provision Reference: sch 2 cl 61AM
Character Range: 44901–46587

61AM  Compulsory insurance for death or long‑term disability
 (1) The owner of a ship that is registered in the International Register must have a policy of insurance or indemnity that:
 (a) insures or indemnifies the owner for any liability of the owner to pay compensation for the death or long‑term disability suffered by a seafarer as a result of sickness or injury occurring while on board the ship; and
 (b) provides a level of insurance or indemnity that is sufficient to cover the amount of compensation that is determined by the Minister under subsection (2).
Civil penalty: 300 penalty units.
 (2) The Minister must, by legislative instrument, determine the amount of compensation for the death or long‑term disability suffered by a seafarer as a result of sickness or injury occurring while on board the ship.
 (3) If:
 (a) there is an ITF template agreement; and
 (b) the ITF template agreement specifies an amount of compensation for the death or long‑term disability of a seafarer, or a method for working that out;
then the amount of compensation determined by the Minister under subsection (2) for the death or long‑term disability of a seafarer must not be less than the amount of compensation specified in, or worked out under, the ITF template agreement for the death or long‑term disability of the seafarer.
 (4) If, after the Minister makes a determination under subsection (2), the ITF template agreement changes, then as soon as is reasonably practicable after becoming aware of that:
 (a) the Minister must, by legislative instrument, revoke the determination made under subsection (2); and
 (b) the Minister must make a new determination under subsection (2).