Following significant increases to Napier Port’s insurance costs, we have reviewed our Insurance Adjustment Factor (IAF) and will be implementing rate changes effective 1 August 2023.
The new rates are as follows:
Insurance Levy IAF (TEU) *
$ 16.00
Insurance Levy (Tonne/JAS etc)
$ 1.00
Insurance Levy (Cruise vessel)
$ 5,100.00
IAF per TEU travelling on Rail*
$ 1.95
IAF per TEU packed or devanned at Port Pack
$ 1.95
*Full containers only
While insurance is factored into our business costs, an increase of recent magnitude highlights it is an uncontrollable business factor closely related to the seismic and weather activity of our country. Given the variable nature of insurance we designed the Insurance Adjustment Factor (IAF) to be adjusted accordingly when we see a substantial increase – or decrease – to Napier Port’s insurance costs.
At the United Nations summit meeting in September 2015, world leaders adopted 17 global goals (and 169 targets) as a set of universal goals that aim to address the urgent environmental, political and economic challenges facing our world. These are known as the United Nations Sustainable Development Goals (SDGs).
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