The company in charge of Rena salvage operations has put a percentage claim on the cargo onboard the Rena as a way to ensure they get paid.

Svitzer salvage is liaising with insurers and has placed a maximum percentage cap on the value of the property onboard the vessel, but will not say what percentage it is.

Seagulls circle food products removed from Rena at the Truman Lane container processing site. Photo: Maritime New Zealand.

Svitzer spokesperson Matthew Watson says he cannot say exactly what the percentage amount will be due to contractual privacy, but does say the company is 'setting the bar high”.

'It is standard maritime operation for the salvor to say to the insurers ‘we need a guarantee of some sort so that we know when the operation is finished we are going to get paid fairly for what we have done'.”

'In this case, the percentage bar has been lifted higher than normal.”

It has been reported the amount will be as high as 80 per cent of the value of property onboard the Rena. Matthew says he cannot confirm or deny this.

Matthew says salvage is a lengthy and expensive business that can take months and salvage companies need to ensure they have security of payment at the end of an operation.

He says it is standard for security to be held over the vessel and the property on the vessel and that negotiation will be between Svitzer and insurance companies.

He says Svitzer have put a maximum cap on the claim, but in many cases the actual amount is less.

'There is normally a big difference between the security percentage and the actual cost of the salvage, the cost is always unknown until the salvage operation is complete.”

Those with full comprehensive insurance will be covered, but those without may face a hefty bill.

Matthew says it is important that people get in touch with their insurance companies.