INSURING THE BUTTER.

Feilding Star, Volume 3, Issue 320, 22 July 1925, Page 6

INSURING THE BUTTER.

A COM I’J ’.E HEN Si V K PLAN. /, | i i •' _ COVlill FOR A MILLION. The Dairy Control Board lias completed an insurance contract ol a comprehensive nat m 'c with Lloyd s lor the insurance'; ol all exported butter and cheese. The policy covers the product I ron)- the time the milk is neighed into the factory until BO days alter delivery in England or 10 days alter arrival at Continental or American ports. The- rates are: Butter 7s 3d pei\ cent., and cheese 9s Odd These include insurance during coastal transit, wliicli was formerly a separate charge, Under the new arrangement factories shipping on the coast enjoy a reduction, hut there is a slight increase oil shipments J rum 111© main ports. Increased rates were anticipated, hut the total estimated amount is only LiUOO on the whole export. ’J he new eonti'act comnienees on September I. The expiring contract was made with the Dairy Control Beard on behalf of the New Zealand Underwriters’ Association by the Commercial Union Company, which issued an open policy for £020,000 and an additional policy of £200,000, and Lloyd’s in London also issued a policy for £175,000.

1 cover on each shipment being made in that proportion. The cover under the new contract, which Lloyd's will carry alone, is lor 11,000,000.