Summary

This review looks at the things most mines insure, the companies that sell insurance policies, and the consultants who can advise you on what to insure and how to maximize your chances of getting paid. Other topics covered include risk management, political risk insurance, and climate change and insurance.

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INTRODUCTION

In our daily lives we are familiar with insurance: pay a regular premium to a selected company and if the covered event occurs, put in a claim and hope you get paid. It works pretty much the same way in mining. Accordingly, in this review, we take a look at the things most mines insure, the companies that will sell you mining insurance policies, and the consultants who will advise you on what to insure and how to maximize your chances of getting paid. We focus on one particular type of insurance, namely political risk insurance, as this is probably the biggest risk the average mining company faces, and it is possibly the least understood of the insurance policies available.

GETTING PAID

If you insurance company tries to dodge paying you, you may have to retain a policy-holder insurance recovery expert. How they work and what they do is well describe on the Heller Ehrman website.

Also you may consider consulting ErMC² who note that they provide these services to the coal mining industry:

ErMC² provides highly customized claims management services to the insurance and financial industries. We are especially experienced in developing customized runoff plans. Claims management services, like all our others, are focused on quality and based on individual needs and objectives.