Residents and business owners who suffered losses due to the Rena grounding have until October 30 to lodge claims for a slice of the $11million compensation pie.

Claims to the $11,030,110 limitation fund established by the owners and insurers of the Rena have to be lodged with the High Court in Tauranga and will be advertised in public notices and in media over the next few weeks.

The $11million fund cap is a result of a High Court Order issued on June 4 under Part 7 of the Maritime Transport Act establishing a Limitation Fund to compensate for losses incurred as a result of the Rena grounding.

Many local businesses suffered in the wake of the Rena grounding on Astrolabe Reef on October 5, 2011 and subsequent oil spill across the Bay of Plenty coastline.

Rena insurers The Swedish Club claims manager Captain John Owen says the $27.6 million settlement with the Government has been kept outside the limitation process, so the $11million fund, which is the maximum under New Zealand law, will be available to compensate individuals and businesses who have suffered loss.

'We started this process in October last year, as part of our ongoing commitment to do the right thing by the New Zealand public. This approach is designed to best help those who have suffered financial loss as a result of the grounding.”

The High Court will process the claims and determine the amount of each claim that is payable from the fund. Established claims will be paid as directed by the court.

All claims must meet legal criteria and include sufficient information to demonstrate loss or damage resulting from the grounding, as required under New Zealand law. If the established claims are more than NZ$11,030,110, all claims will be pro-rated.

The amount of the fund is calculated according to the tonnage of the vessel under the Maritime Transport Act 1994 and the International Maritime Organisation's Convention on Limitation of Liability for Maritime Claims 1976.

The $11 million fund is completely separate from the charterer's $1million fund, announced last October.

The Mediterranean Shipping Company, which chartered the ship when it grounded, provided the $1million donation to help with the costs of cleaning up the area's waters and coastline, to care for wildlife, help local iwi affected by the pollution, and to assist local tourism businesses affected as a result of the grounding.

The Rena Recovery Fund is administered by a committee of local representatives including the Tauranga City Council and Western Bay of Plenty District councils. MSC has no responsibility for the ship's operation and no legal liability for the grounding.

Since the grounding on October 5, 2011 a stage-by-stage, on-going recovery programme has been in place.

Operations have recovered 1467 tonnes of heavy fuel oil from the vessel soon after the grounding, including the recovery of approximate 230 tonnes spilt from the vessel, approximately 300 tonnes of oiled sand.

A total of 1025 of the 1368 containers on board have been recovered, and ongoing shoreline debris monitoring and recovery along the coastline and beaches of the Bay of Plenty mainland and offshore islands.

Resolve Fire & Salvage are continuing to reduce the bow section stuck hard on Astrolabe Reef to at least a metre below low-tide. Resolve is also undertaking a clean-up operation to remove a large amount of the remaining debris from around the wreck, covering an area of 10,000 square metres.

Two containers of plastic beads that were destined for Tauranga have been located and retrieved.

The Rena Recovery Group's monitoring unit, including the Bay of Plenty Regional Council, the Ministry of Primary Industries and the University of Waikato, are undertaking ongoing environmental sampling at the reef and the surrounding environment.

For more information, please visit: www.renaproject.co.nz.