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Mining Insurance

Business
Mining Insurance

For more info, contact

Bernie Robertson

Branch Manager, North Bay

Canada is a gold mine. Literally. Did you know that mining accounts for one in every 26 jobs in Canada (The Mining Association of Canada). As one of the worlds leaders in mining, our nation is one of the top producers of more than a dozen metals and minerals.

At Gifford Carr Insurance Group, we understand that no one dig – or insurance policy – fits all.

From environmental regulations and commodity prices to fluctuations in exchange rates, developing technologies, and political/economic uncertainty, we understand there is a variety of unique challenges for the industry and their risk management. But opportunities abound, at home and abroad, for those Canadian mining companies that can embrace change while intelligently managing their evolving risks. Because after all, if it’s not grown, it’s mined.

It’s important to have a broker on your team who understands your business. Then you have a teammate that can ensure your specific mining operation has the right coverage in place. Our mining expert comes to your site with knowledge and experience to ask the right questions and provide the information and resources you need before you dig.

FAQ

How are my rates affected by availability of fire fighting at my site?

Access to the equipment needed to put out fires can impact your insurance. Understanding the project layout and having the right equipment in place near your at risk areas, including fuel and electrical, to put out fires.

Talk to your broker to understand if a permanent or portable system would be the best fit to help mitigate your fire risks. And in turn, help your insurance.

If the country I perform work in or where the site is located, decides to expropriate my assets, what insurances are available to protect the shareholders interests?

There is coverage available for expropriation. Expropriation is illegal assumption of your assets by others.

There is also additional coverage available for extortion, ransom, and kidnapping to cover the personal element of these types of events.

I operate in foreign jurisdictions on a regular basis, what are the local insurance laws that I must comply with in each jurisdiction?

Understand the local rules in which you play.

Operating in a foreign country does mean understanding the intricacies of their policies and procedures. Having a broker with experience in mining ensures you have a resource and teammate that has a global perspective and experience in protecting mining operations.

If the helicopter contractor drops a unit in transit, what are their obligation to the owner – price per pound of the unit, or agreed value?

Understand the difference in what your contractors are covering for accidents.

Agreed to the value up front or purchase contingent coverage to help make up the gap. Talk to your broker about what would be the right fit for your operation.

Do I have the proper contract with the subcontractors that operate at my site, and how do I verify they have proper insurance and list our company as additional insured?

It is imperative that the mine operator has a certificate of insurance management process.

A mining operation has a variety of third party contractors coming on and offsite. Ensuring you, and your contracted teams, have the right coverage in place protects you and your mine. Your broker can help with this!


Protect your dig.


We understand the importance for your broker to have boots on the ground in your operation.

It’s important to have someone who understands your business come to the site initially. Then your broker can ensure your specific mining operation has the right coverage in place. Our expert comes to your site with knowledge and experience to ask the right questions and provide the information and resources you need before you dig.

Get in touch
Get in touch
Get in touch
We understand that your time is valuable. Complete the form to connect with your local Gifford Carr broker to get a detailed quote. Trust us to ensure you are protected. So you can focus on what matters.



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        Contact our team
        Contact our team
        Contact our team
        We understand that your time is valuable. Complete the form to connect with your local Gifford Carr broker to get a detailed quote. Trust us to ensure you are protected. So you can focus on what matters.





          Construction

          Construction

          For all the phases of the project.

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          Icon Contractor

          Project specific coverage is designed to protect your various project phases from construction to handover of the mining operation. It is an identified limit for that project only and does not affect your other policies.

          Learn more about Construction and Trades Insurance including Builders Risk + Wrap Up Liability.

          Commercial General Liability

          Commercial General Liability

          An essential for all business operations.

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          Icon Market

          In the event of property damage or bodily harm caused by you, your business or your employees to a third party, a comprehensive Commercial General Liability Insurance policy should protect you from litigation, out-of-court settlements, and judgements awarded by the courts.

          Cyber Liability

          Cyber Liability

          Cyber coverage beyond the computers and data storage.

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          Icon Computer

          The increase in autonomous units aka self driving vehicles and drones in mining operations add a layer of cyber risk. Because they are operated remotely with a joystick, much like driving your car in a video game, there is a risk and insurance available to protect you from it.

          Directors and Officers

          Directors and Officers

          An important type of coverage to consider for both public and private entities with a board of directors.

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          Icon People

          For publicly traded mining operations the directors and officers of the board have risks associated with the fluctuations in the company on the stock exchange. Impacted from decisions on strategy their role in oversight on the company can be held accountable to management and operations decisions.

          But for both public and private entities with a board of directors, there is a broad scope and coverage of Directors and Officers Insurance.

          Environmental Liability

          Environmental Liability

          Every mining operation has mine waste.

          In most countries the mining company has responsibility for mining closure and life of mine to ensure they are able to do the reclamation (which means return it back to a useable state once they’re done). Which is where Reclamation Bonding comes in where the company can buy a bond vs setting aside the cash to cover the reclamation process – which leaves more working capital for their dig. Learn more about Surety Bonds.

          Let’s talk about Tailings. Though they have a bad wrap, they are the waste product of. mining operation and are simply a part of the process. They do have to be treated, this coverage assumes the mine is doing everything in their power to treat it – but an accident (either suddenly or gradually) can still happen. This coverage is in place to help with that environmental impact.

          Fleet

          Fleet

          So you got the metals and minerals out of the ground, now what? They need to move.

          From traditional transport fleets and light private passenger pickups to explosive emulsion units, this coverage protects your transportation vehicle that get you – and your resources – from point A to point B on and off the mine site.

          Over 5 vehicles? You may qualify for Fleet Insurance.
          Which may result in a savings for having multiple policies.

          Property & Machinery Breakdown

          Property & Machinery Breakdown

          We understand, time is money.

          A loss to your production facility or operations can cost hundreds of thousands per day in lost revenue. Business interruption and machinery breakdown are designed to mitigate the impacts of this exposure.

          Property & Cargo

          Property & Cargo

          Getting the mined minerals and metals from site to market goes beyond the vehicles they travel in.

          Your precious metals could be covered under an in transit policy either by rail, land or water.

          For moving equipment we retaking about aviation, heli-lift, waterborne transportation to get your diamond drill from one site to another. This coverage would be in place to protect what is on your helicopter or barge – beyond the barge or helicopter itself.