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
As Members will be aware all cargoes of Russian-origin crude oil or petroleum products (ie oil carried under HS Codes 2709 and 2710) must comply with the oil price cap imposed by many Western nations against Russia. All Members carrying such cargo must provide a per voyage attestation (along with a willingness to provide ancillary information upon request) within thirty days of the cargo being loaded. (See Association Circulars dated 29th April 2024, 3rd June 2024 and 11th December 2024).
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