“Oh, I suppose I should have told you, shouldn’t I?”
It’s amazing how often we hear this from our clients in the mining business. It’s a shame that it often is only said when a claim is being processed or a policy is being renewed and new information comes to our attention. It’s unfortunate – because by knowing, we could have taken it into account or it might mean that you haven’t been covered or your claim will be denied.
You see, reporting conditions contained in policies are usually buried deep in the policy language. And mining companydirectors, officers and management often forget (or are simply unaware) of obligations to report certain corporate events or operational changes to their insurance providers.
So what you may have omitted to tell us, or didn’t think we’d need to know, may have cost you. And that omission may have serious consequences. For example, your current coverage may not cover a new exposure. Or a potential claim goes unreported and the delay in reporting could compromise your coverage and result in claim denial. Or your claim could be denied because information that is considered to be a material change in risk wasn’t reported.
But there’s no need to be alarmed! Axis Insurance has a long history and experience in the mining and minerals insurance business. We know that insurance is obviously lower down your priority list. And that’s OK. We know how busy you are and that you’re often out of town for long periods of time.
Interested in more?
Download this PDF for more information.