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Mining Insurance
Mining companies face many exposures to loss stemming from their operations and management liabilities which can be insured through a variety of different policies. Axis Insurance streamlines coverage to reduce the number of different policies required, while filling coverage gaps and reducing overall premium levels. We are eager to work with your management team to identify these areas of risk, and to propose appropriate risk transfer solutions through insurance products.
We have established relationships, programs and facilities with leading multi-national insurers who understand the specific risks, nuances, and business of mining in North America and around the world. Working in partnership with the underwriters at Lloyds of London, we have created a broad General Liability policy designed to address the unique needs and coverage gaps that exist under most standard policies currently offered to mining companies.
Axis Insurance specializes in developing custom-made insurance solutions for the Mining and Mineral Exploration industry including:
- Directors’ and Officers’ Liability
- Professional and General Liability
- Employers and Employment Practices
- Bonding
- Cyber and Crime
- Office Contents and Property
- Loss of Income and Extra Expense
- Marine, Automobile and Non-owned Aircraft
- Rental, Leased, and Non-Owned Vehicle
- Crisis Response
- Foreign Voluntary Workers Compensation
- Kidnap and Ransom
Oil & Gas Field Contractors Insurance
The demand for oil and gas is undiminished across the world. The world’s need for energy, resources, and renewables is growing exponentially. This has led to continued exploration for new sources of fossil fuels as well as renewable energy.
In Canada alone, the oil and gas industries account for around $80.7 billion in revenue and they employ approximately 230,000 people. But this oil and gas field exploration, development and exploitation is not without risk. There are immense challenges and difficulties to overcome. That’s why contractors and those working with the energy companies in these highly industrialized areas should protect themselves with the right insurance coverage.
Axis Insurance has a long and prestigious history in this very specialized industry. We have a team of expert consultants who have worked hard to develop excellent relationships, programs and facilities with leading insurance companies who understand the risks and business of oil and gas exploration and the associated heavy equipment contracting. At Axis Insurance we’re able to create a portfolio of policies which give you the right coverage and complete peace of mind.
Types of Oil & Gas Field Contractors Insurance coverage from Axis Insurance includes:
- Mobile coverage for heavy equipment and other assets used in the field
- General Liability ‐ including ISNetworld requirements
- Pollution / Environmental Liability
- Forest Fire Fighting Expense Liability
- Control of Well / Operators extra expense
- Coverage for buildings, contents, office contents, and crime
- Loss of Income / Extra Expense
- Towing Liability, and Motor Truck Cargo for low bedding operations
- Automobile, including light units, ATV / UTV’s, and heavy units
- Directors and Officers Liability, and Employment Practices Liability
Press Release Monitoring
The first service we offer is the review of your press releases and corporate news. With all our publicly traded mining clients, we register a dedicated email address with Investor Relations. That way all the press releases or corporate news issued are reviewed and passed on to your account executive. If we spot something that has an impact on your insurance coverage, we will alert you right away. We can also alert you to additional coverage you might need if your news makes us aware of certain events.
Reporting conditions contained in policies are usually buried deep in the policy language. And mining company directors, officers and management often forget (or are simply unaware) of obligations to report certain corporate events or operational changes to their insurance providers.
Any sort of 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 was considered a material change in risk wasn’t reported.
However, Axis Insurance has a long history and experience in the mining and minerals insurance business.
Market Cap Tracking
In addition to our press release monitoring service, we keep a weekly record of every client’s market capitalization which helps highlight any sudden changes. Significant drops in market cap can sometimes precede litigation, so by monitoring your market cap we are able to stay on top of adverse corporate developments that might result in allegations and consequently the possibility of claim.
We can help by informing of your obligations as to when and how to notify insurers. We also compare your market cap to historic and 52-week highs and lows. This can sometimes trigger a decision to increase coverage limits – especially where there is a significant rise in market limits.
Kidnap and Ransom Insurance
Mining companies who conduct work overseas risk having their executives and their families be the victims of criminal activity, kidnapping or terrorism. Sixty-one per cent of all kidnaps globally are of employees and their dependants.
However, having a kidnap and ransom insurance policy not only gives you peace of mind, but also makes good business sense. Dealing with a kidnapping or hijacking, negotiating with criminals, or rescuing hostages can be incredibly expensive and takes a lot of experience and very particular skills. Having Kidnap, Ransom and Extortion Insurance means that when trouble strikes, you have the very best people on your side.
When you purchase a kidnap policy from Axis Insurance, we will appoint a specialist service provider and experts in hostage recovery such as Control Risks International – and we’ll give you their emergency number at the start of the policy. That way, in the event of a kidnapping or hijack taking place, you can call the specialists direct, with just your policy number, to take immediate control of the situation. All the fees and expenses incurred by the specialist are unlimited following an insured event and they work completely independently of Axis.
Operators’ Liability
Joint venture agreements between partners in the mining and exploration industry can be incredibly varied and complex. A successful partnership relies on solid and reliable information and communication between the partners. Unfortunately, sometimes things go wrong and vital information or analysis – on which expensive investment and operational decisions are taken – can turn out to be incorrect. And it’s then that lawsuits can be brought by joint venture partners.
These types of lawsuit can generate a significant exposure to loss that is not normally covered by insurance, however, with coverage from Axis Insurance, mining and exploration companies can rest safe in the knowledge that they are protected.
Operators’ Liability Insurance is delivered by Axis Insurance as part of its D&O (Directors and Officers Liability) Insurance and can be purchased without disturbing any existing insurance. It is available to companies operating worldwide.
Environmental Insurance
In a world which is ever more concerned about the environment and the impact of pollution, businesses are under even more scrutiny. Many companies have environmental policies in place – but things still go wrong. Whether it’s poisoning of rivers and waterways, damage from the redevelopment of brownfield sites, chemical spills or gas leaks the multitude of risks faced by the industry are ever increasing.
The cost of clean-up can be immense. And when you factor in legal costs and damages, it doesn’t bear thinking about. For manufacturers, producers, builders and developers, having an Environmental Insurance policy from Axis Insurance takes the worry away so you are protected in case of any problems that arise.
Directors & Officers Liability
In today’s corporate world directors and officers face unprecedented levels of scrutiny. They are challenged on all sides by legislation, governance, and compliance, and there has been a dramatic increase in litigation against them.
Whether the organization is private, publicly traded, or even a non-profit, directors and officers owe a duty of care to the corporation which compels them to act without negligence. This duty may also apply to other stakeholders such as employees, creditors, and customers.
Failing to meet these standards can give rise to personal liability, as directors and officers are putting their personal assets at risk for the benefit of shareholders. Aside from any court-related settlements, fines or damages, the legal costs for any lawsuit against directors and officers can be enormous.
D&O insurance, which is paid for by the corporation, protects against these risks. Without D&O insurance coverage it can be extremely difficult to attract and retain competent and successful people.
At Axis Insurance. we understand the risks faced by every client, which helps us to design broad protection geared specifically to the needs of the corporation or organization and its board – giving directors and officers peace of mind and the freedom to get on with their work.
Mining Exploration & Development Costs
Mining and exploration companies, have a responsibility to their shareholders to protect the corporate balance sheet from expected losses. Insurance should be a key a part of any risk management program to protect against loss or damage to assets, costs and settlements relating to liabilities and losses resulting from accidents and injuries to employees.
We have custom-made insurance solutions for the Mining & Mineral Exploration Industry including:
- Directors’ and Officers’ Liability
- Professional and General Liability
- Employers and Employment Practices
- Bonding
- Cyber and Crime
- Office Contents and Property
- Loss of Income and Extra Expense
- Marine, Automobile and Non-owned Aircraft
- Rental, Leased, and Non-Owned Vehicle
- Crisis Response
- Foreign Voluntary Workers Compensation
- Kidnap and Ransom
Mining & Mineral Exploration Liability
We have custom-made insurance solutions for the Mining & Mineral Exploration Industry including:
- Directors’ and Officers’ Liability
- Professional and General Liability
- Employers and Employment Practices
- Bonding
- Cyber and Crime
- Office Contents and Property
- Loss of Income and Extra Expense
- Marine, Automobile and Non-owned Aircraft
- Rental, Leased, and Non-Owned Vehicle
- Crisis Response
- Foreign Voluntary Workers Compensation
- Kidnap and Ransom
Specialized Team Members
