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New Zealand raises oil spill insurance minimum

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Oil spill

New Zealand's maritime safety authority has increased the amount of oil spill insurance that owners of offshore installations are required to have by $28 million New Zealand ($18 million) to NZD 1.2 billion, Offshore Engineer reports. The insurance is in addition to the unlimited liability imposed by the Maritime Transport Act for spill clean-up costs and compensation for pollution damage to property.

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