(2) The requirement referred to in subsection (1) is that there is in force a contract of insurance or other security adequate to ensure that the shipowner will be able to meet any liabilities the shipowner may have arising from repatriation of a seafarer or to provide compensation in the event of death or long term disability to seafarers arising from occupational injury, illness or hazard.
(3) The liabilities of the shipowner referred to in subsection (2) include liabilities arising under —
(a)
sections 23(9), 24(1), 35, 36 and 37;
(b)
section 23 of the Work Injury Compensation Act (Cap. 354); and
(c)
the seafarer’s employment agreements of seafarers working on the ship.
(4) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both.