Marine insurance

The Insurance Council is currently calling for legislation requiring all foreign vessels entering New Zealand waters to carry a minimum level of liability insurance.

A 1999 survey by the Insurance Council shows that many port authorities around the country support this view.

These vessels pose a threat to the environment because of the risk of pollution, and high clean-up and salvage costs. These costs are currently met by the New Zealand taxpayer.

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A marine cargo open policy is an agreement between a merchant and an insurance company to insure all goods in transit within the agreement for an indefinite period, until either party cancels the agreement.

The policy specifies:

• The general description of the goods
• The countries or places to or from which the goods will be insured
• The maximum value payable under the policy
• How the goods will be valued
• The conditions of insurance.

The merchant agrees to declare details of all shipments that fall within the scope of the policy, and the insurance company agrees to insure such shipments according to the terms and conditions of the policy.

• For information on marine cargo open policies please refer to the Insurance Council publication "Marine Cargo Open Policy Handbook".

Simple guidelines for boat operators to ensure their safety while out on the water.

The biggest risk for boaties in crowded waters is collision. The Insurance Council and Maritime New Zealand (MNZ) have developed a number of simple guidelines for boat operators to ensure their safety while out on the water.
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Useful links

State Insurance Pleasure Craft Information

A marine cargo open policy is an agreement between a merchant and an insurance company to insure all goods in transit within the agreement for an indefinite period, until either party cancels the agreement.

The policy specifies:

• The general description of the goods
• The countries or places to or from which the goods will be insured
• The maximum value payable under the policy
• How the goods will be valued
• The conditions of insurance.
• The merchant agrees to declare details of all shipments that fall within the scope of the policy, and the insurance company agrees to insure such shipments according to the terms and conditions of the policy.

For information on marine cargo open policies download the Insurance Council publication