Answer
ILO related convention is Maritime Labour convention 2006, as amended. All shipowners must have financial security in place to take care of the below-
The amendments, which apply from 18 January 2017,
Reg 2.5- Wages and repatriation, relate to the financial security of seafarers in cases of abandonment
Reg 4.2-contractual claims for compensation in the event of a seafarer's death or long-term disability due to an occupational injury, illness or hazard
As of 18 January 2017, all ships must have on board a certificate or other Documentation confirming that such financial security is in place.