For mining companies, a collapse, fire, explosion, cave-in, or any emergency where its workforce is put in severe danger, or trapped, is a crisis scenario. Not only is the workforce an essential asset, but there can be significant financial implications as a rescue operation unfolds.
When an accident takes place that results in mine workers becoming trapped underground, operations at site will be partially or totally suspended and management focus will be directed towards the rescue effort.
Regulators, and in some cases, even the press may arrive on site. Miners need the right resources readily available to manage an incident; in-house experience, equipment, relationships with companies that can deliver additional rescue equipment and technology and, crucially, the funds available to ensure all resources are bought to bear in order to maximise the chances of a successful rescue operation.
Without the right resources, rescue operations can be detrimentally impacted by unnecessary delays, leading to a protracted crisis scenario which in turn generates a significant financial impact for the mining company to manage at the operation’s close.
The JLT Mining team is proud to partner with Lloyd’s Syndicate Aegis to offer a specific insurance solution to help mining companies manage the costs around rescue operations which may not trigger standard insurance policies. The ‘Miner Rescue’ product specifically indemnifies the costs around equipment, logistics, personnel and additional unforeseen expenditures associated with the rescue of trapped workers.
The product enables mining companies to conduct their rescue operation utilising the best and most sophisticated resources to hand in order to maximise the successful recovery of its workers – safe in the knowledge that the company has an insurance safety net to support it.
Download this Risk Focus article.
For further information, please contact Harry Floyd, Partner on +44 207 466 1305 or email firstname.lastname@example.org.