Playback of HVC1-encoded videos fails with seek/scrubbing functionality

When playing a video file encoded with the HVC1 codec, the video plays normally. However, any attempt to seek (fast forward or rewind) by clicking on the progress bar or dragging the scrubber causes the playback start over. 
This issue does not occur with other common codecs like AVC1 (H.264) or with files that use the 'hevc'  codec tag.