Today’s underground mining insurance challenges range from how to properly value multi million-dollar machinery, to the liability presented by contractual agreements. Skyscraper insurance’s expertise has kept pace by adapting insurance products to meet the requirements of this changing market around the globe.
Our specialist team at Skyscraper insurance knows and understands the underground mining and mineral exploration industry. We have many clients already in this sector so you won’t need to educate us – we already have the experience and knowledge. We also know that you’re incredibly busy. But because you don’t have to get us up to speed with your business of mining and mineral exploration, we can make the insurance process an easy one for you and your company.
Underground mining and mineral exploration creates insurance exposures and potential losses that are unique to the mining industry and many insurers have yet to develop the industry knowledge that is vital to evaluate and properly underwrite the risks. Very few insurance companies have genuine international capabilities and therefore will only write risks that are located – despite the fact they themselves are international companies.
As you would expect, underground mining risks often require large capacity (limits) which are usually beyond the scope of most insurers. Insurers also prefer not to write risks in remote locations and many are prohibited from writing insurance for underground operations. Pollution risks inherent in underground mining and mineral exploration operations also make insurers less willing to offer coverage – and the large liability losses that have been seen particularly have not encouraged them to create underground mining insurance or mineral exploration insurance.