MINING INSURANCE AND RISK MANAGEMENT

Many areas of the mining industry are returning to profitability, having survived some of the most marginal operating environments seen in a decade, while maintaining their financial discipline.

The need to deliver robust growth in the face of commodity pricing volatility, to maximize project efficiency, to become leaner and to out-manoeuvre the competition means partnering with the right insurance broker is paramount.

Miners often take on significant risk to operate and invest in volatile territories. A global resurgence of geopolitics means the industry remains highly politicized and mining companies must therefore operate under increasing levels of government scrutiny, while also being held to greater account for environmental damages and obligations.

These risks must be strategically managed for mining companies to successfully operate, make acquisitions and dispose of assets without long-tail liabilities.

Key Risks

WHAT WE DO

Our global team of specialists understand mining risks spanning the entire project life cycle.

We manage a large and established client base of mining companies, contractors, traders and financiers, across a range of commodities and regions.

We deliver insurance products and services that provide a competitive advantage – particularly during hard times. This means that our clients stay with us because of the value we add, not just because we achieve competitive premium rates.

When it comes to placing insurance, we combine quality local broking with global reach by leveraging JLT’s International Network of 10,000 specialists across 135 countries. We are committed claims advocates – collecting nearly GBP 3 billion for the natural resources sector since 2010.

In addition, our in-house risk consultancy practice helps clients identify, understand, and mitigate risk more effectively.

We work hard to find robust solutions that pre-empt our clients’ needs and which anticipate the changing trends in the mining industry. This enables our clients to improve their resilience, and position their business to continually secure new opportunities.

FAQs

Was this caused by a failure of a component? If so, a well-crafted property policy will provide for both the replacement of damaged parts with new parts and cover the loss of revenue while the repairs are carried out.

A well-crafted property policy will cover your loss of revenue through a 'contingent business interruption’ extension.

The right marine cargo policy can cover the loss, even if it means shipping a brand new replacement transformer form an overseas manufacturer.

A miner rescue insurance policy can cover the rescue cost of getting to your trapped workers and also facilitate the rescue by helping you to access specialist support and provide for the families of the victims whilst the rescue is underway.

WHY JLT

MINING INSURANCE AND RISK MANAGEMENT

Our mining team channels the resources of one of the largest global specialty brokers, via a sophisticated network, with dexterity and a spirit of collaboration that reflects our heritage. Our clients benefit from a broker partnership that truly enables their business ambitions.

CLIENT SERVICE
We are proud of our reputation as tough negotiators but know that delivering outstanding premium outcomes is just one element of client service excellence.

We relentlessly pursue improvement whenever the opportunity arises which is underpinned by in-house risk modeling and consultancy, forensic accountancy and claims preparation.

MINING INSURANCE AND RISK MANAGEMENT

INDUSTRY EXPERTISE
Our global team is comprised of insurance professionals coupled with respected mining industry experts who ensure that mining risk is both fully understood and comprehensively transferred.

As a truly specialist broker, we actively share and communicate our market and industry insight with our clients in a continuous dialogue and exchange of ideas.

INNOVATION
We have successfully delivered bespoke market leading solutions to challenges such as phased plant commissioning, tailings storage, underground haulage, extended supply chains, employee safety, political instability encountering all commodities and orebody challenges.

CLAIMS CAPAIBILITIES

We have access to a team of highly experienced claims professionals who specialize in handling, managing and negotiating claims for the mining, energy and global commodity trading industries.

Our clients must have confidence that the insurance policies we arrange for them are expertly structured, are written by experienced insurers with strong claims track records, and, in the event of a loss, that their broker will handle the claim efficiently.

In-house: We have not outsourced our claims specialists. Our claims team sits alongside our brokers, enabling us to perform as one unified global service team for our clients.

Market intelligence: Our claims team gathers market intelligence on claims and insurer performance. This means our brokers specifically select markets according to their claims performance record, and our clients can benefit from peer group intelligence.

Training: We offer claims preparation training to our clients, helping improve preparedness.

Relationships: We maintain strong relationships with the major leaders, loss adjusters and lawyers to help expedite the claims process and to ensure we remain market-leading.

Leverage: We maintain relationships at a senior level with all insurance markets which gives our teams clout for large contentious claims.

Best practice: We value best practice and were a founding member of the insurance industry’s Mining Insurance Group (MIG).

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