New Zealand raises oil spill insurance minimum
Posted On: Jun. 17, 2020 7:25 AM CSTNew 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.