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International

Insurance increase for ships and rigs arriving in New Zealand

May 05, 2015 Reprints

Ships and oil rigs that arrive in New Zealand would be compelled to increase the insurance amount that they have in place to cover environmental costs of an accident, reported Radio New Zealand.

The new insurance level is likely to be five to ten times higher than the current levels, or even more than that.

The country's Environmental Protection Authority found from Maritime New Zealand that oil rigs and ships are required to carry insurance amounting to $27 million New Zealand ($20.3 million) currently, and an official said some government officials are working on mandating a higher fee.

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Insurance increase for ships and rigs arriving in New Zealand

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