Compensation for Death. In the event of death of an Officer while serving on board or while travelling to or from the vessel on Company's business or due to marine peril, the Company will pay to his beneficiaries a compensation which including the compensation provided by the POEA's rules and regulations Part II, Section C, shall be US$ 60,000. It is agreed that the beneficiaries to be compensated are the following next-of kin: The Officer's spouse, children or parents in this preferential order. The names and addresses of the beneficiaries shall be declared at the time of hiring. The Company shall pay an additional compensation to each of the Officer's children under the age of 21 years of US$ 15,000, maximum 4 children and US$ 60,000. The Company shall take out the necessary insurance to cover the benefits mentioned above.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
