Eligibility

The rate will be set in accordance with the type of vessel, capacity, limit of liability andterms and conditions.

※Ship owner shall guarantee the payment in case if contractor is not the owner specified on ship's nationality certificate

Insured amount of wage

• Wages payed under the Seafarers Act or declared to the Industrial Accident(Employment) Insurance
• Standard wage shall be applied if it is difficult to calculate due to unclear data.

Relevant laws and regulations

Members and associate members under Article 8, Paragraph 2 and Article 15, Paragraph 2 of the Korea Shipping Association Act

• Guarantee details ：Payment guarantee of wages and severance pay not received by the retired seamen due to bankruptcy of the shipowners.
• Coverage ：Last 4 months of wages and last 4 years of severance pay

Guarantee Procedure

Charging amount

• Ratio of charges ：Certain rate will be imposed on the annual wage amount of crew in order to raise legal funds

※ The rate shall determine annually by Committee of the Fund