CentrePort Wellington has given an update on its insurance payouts from damages caused by the 2016 Kaikōura earthquake.

Last month, the port shared that it had already secured $170 million from property damage and had $350 million in the pipeline for material damage.

As the port was finalising its payouts, it estimated that the total amount could balloon to more than $500 million due to business interruption claims.

Now, the port has shared that it has successfully finalised two other claims.

“Good progress was made on the earthquake insurance claim and we continue to work closely with our engineers and insurers. Two other claims involving joint venture activities have already been finalised,” said Derek Nind, chief executive officer at CentrePort Wellington.

“To June 30, 2019, CentrePort had received $444 million across the three claims with a further $50 million received in July and August 2019.”

Read more: Port expects half a billion insurance payout from earthquake damages

In a previous interview with Stuff.co.nz, Nind said that the whole payout would be used for “repair and replace” works at the port.

He confirmed that they were working on a multimillion-dollar dredging project, which was “essential” for long-term redevelopment. Another key project will be building floating drawbridges that will connect boats to the terminal and safeguard against water level changes.