Regulation 53P SubrogationF1
(1)
Paragraph (2) applies where an abandonment security provider provides financial assistance (“the sum provided”) to a seafarer under an abandonment security.
(2)
Any rights which a seafarer has (or but for the payment of that sum would have had) against the shipowner as a result of being abandoned are, with respect to the sum provided, transferred to and vested in the abandonment security provider.