Statement on Sanctions in Press Coverage
Statement on Sanctions in Press Coverage In response to recent press enquiries regarding vessels and sanctions, the Board of MaritimeMutual Insurance Association NZ Ltd
Maritime Mutual is a long established and well-secured P&I Club and marine insurer backed by Lloyd’s syndicates and London company market insurers. Our focus is on the tailor-made provision of reliable and cost effective marine insurance cover together with full service support to our valued Club Members and Marine Assureds.
Maritime Mutual’s corporate headquarters are located in Auckland, New Zealand, an internationally regarded business centre. New Zealand offers recognised governmental stability together with a respected legal system founded in English law. Maritime Mutual’s registration and operation as a New Zealand based insurer is subject to the Financial Reporting Act 2013, the Companies Act 1993 and the Marine Insurance Act 1908.
Maritime Mutual Insurance Association (NZ) Limited is not licensed to carry on insurance business in New Zealand. It is not subject to the Insurance (Prudential Supervision) Act 2010 and is not supervised by the Reserve Bank of New Zealand. Insurance underwritten by Maritime Mutual Insurance Association (NZ) Limited is not available to persons resident in New Zealand.
Shipowners P&I is designed to cover the shipowner’s liabilities, inclusive of fines and defence costs, for damage or loss …
H&M covers the cost of repairs for damage to a ship and, dependent upon the policy terms selected, up to ¾ of the liability for collision damage to another ship …
Charterers P&I covers all of the Shipowners liabilities that a Charterer may also be exposed to, inclusive of damage to cargo …
FD&D is essentially insurance for the costs of legal defence and pursuit that are not available under Shipowners and Charterers P&I cover …
Statement on Sanctions in Press Coverage In response to recent press enquiries regarding vessels and sanctions, the Board of MaritimeMutual Insurance Association NZ Ltd
On 24th February 2025, the EU adopted the 16th package of sanctions against Russia on the third anniversary of the Russian invasion of Ukraine. This sanctions package targets key sectors of the Russian economy which include trade, transport, energy, infrastructure and financial services. It also includes additional measures targeting the “shadow fleet” and sanctions circumvention.
The most significant measures are summarised below.
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Maritime Mutual Insurance Association (NZ) Limited is not licensed to carry on insurance business in New Zealand. It is not subject to the Insurance (Prudential Supervision) Act 2010 and is not supervised by the Reserve Bank of New Zealand. Insurance underwritten by Maritime Mutual Insurance Association (NZ) Limited is not available to persons resident in New Zealand.
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