Specie, Precious Metals and bullion Insurance for mining companies

Despite falls in global pricing for precious metals since 2012, mining companies that extract, refine or trade in precious metals continue to require specialist cover to protect against risks of theft, loss, physical damage, and the subsequent business interruption or loss of revenue.

Every mining company has a unique risk profile; project location, project phase, composition of workforce, varying supply chains and ultimately, differing attitudes to risk. Yet one factor common to all miners is a highly challenging operational environment and the need to cut costs and eliminate losses.

JLT provides insurance for all risks associated with specie, precious metals and bullions across the mining industry. Our global team will work with you to find the right solution to protect your company.


What we do

The need to protect a company’s most precious assets is paramount. Failure to do so could adversely impact the balance sheet, share price or a company’s reputation.

Mining companies specialising in extracting, refining and trading precious metals are exposed to different risks at various points of the mining lifecycle.

Specie and Bullion Risk

Our global team of specialists understand mining risks spanning the entire project lifecycle. We manage a large and established client base of mining companies, contractors, traders, and financiers, across a range of commodities and regions.

Our objective is simple: to provide our clients a competitive advantage by enhancing their resilience and empowering them to take risks. Working with you, we can help you understand and mitigate your risks.


Mining projects are typically in remote locations, presenting challenges around site security. Those situated in volatile territories have another layer of risk to manage.

  • There are usually multiple entry and exit points to the mine, in the form of adits, holes, shafts, and surface outcrops, which makes site security difficult. Illegal mining takes many forms, but at its most sophisticated, illegal miners will interfere with mine infrastructure and occasionally even resort to blasting, to steal ‘free’ or visible gold from high-grade areas. Collusion with employees can also make illegal miners particularly effective
  • Those miners operating in regions that experience extreme weather patterns will have exposure to damage to property, such as machinery breakdown, as a result of natural perils such as fire, flood and storm, which may prevent the operation of the mine and cause business interruption losses. Additional costs may also be incurred by the need to retunnel or reblast, and for debris removal.

In addition to risks at extraction phase, those miners with integrated processes to refine ore are also at risk in the refining phase. Meanwhile for those companies operating custom smelters, it is the refining phase, and later shipping phase which represent the highest risks. Processing plants are targeted as they house the refined high-yield product, such as metal concentrate or doré bars.

  • The refining process that takes place at metallurgical plants tends to involve thefts perpetrated by employees. Employees can act alone or in collusion with security guards to the plant. Employees can steal concentrate in small quantities and then extract the gold using cyanide or mercury using home-made methods. In some cases violent assault may also be a risk; employees can be threatened by armed attacks that result in theft
  • Employees can be targetted as ally to the criminal, in additional to a target that the criminal utilises and threatens to assist in accessing the ore, concentrate, or bars
  • Other risks that cause property loss or damage to product during the processing stages are fully covered by Specie policies on an ‘All Risks’ basis.

The transfer of product to third party offtakers carries a range of risks which must be managed by a combination of effective risk management planning and due diligence around contractors and the broader supply chain, and the implementation of physical security measures.

  • Theft of concentrate or metal bars by employees, contractors, or third parties. Risks may be heightened in emerging markets, or where there are particularly complex logistics/trade routes that see product moved between road, rail and port or where there are multiple contractors involved
  • Storage of product can also present challenges
  • The risk of natural perils delaying transit, causing issues in respect of storage, or leaving the product exposed in high-risk areas
  • Other risks that cause property loss or damage to product are fully covered by specie policies on an ‘all risks’ basis, even during transit and storage.


No two mining companies have the same risk profile; risk is specific to country, project phase, commodity and a range of other nuances. Our specie team will work with you to structure a policy that is tailored precisely to the client’s needs.

Here is a list of our capabilities, demonstrating why we would be the right partner for you:

  • We serve over 500 clients operating across 70 countries
  • We have strong experience in managing gold, platinum, diamond and gemstone miners’ risks
  • Market-leading claims advocacy for mining sector losses
  • In-house analytics and modelling team to identify and quantify exposure to a range of perils.

Insurance Solution

The insurance market for metals and gemstones continues to become increasingly competitive on a ready supply of new capacity. Insurers within this specialist field continue offer flexibility on coverage and pricing as they seek to differentiate themselves from their peers.

The strength of JLT’s specie team means that we continue to drive innovation in this marketplace, enabling our clients to access the latest products, and to take advantage of current pricing cycles to reduce premium.

Our extensive coverage includes:

  • Flexible basis of valuation
  • We can secure capacity of up to USD 3 billion for any single mining client
  • Coverage on an ‘all risks’ basis to eliminate gaps in cover.
  • Coverage can also be included for:
    • Business interruption and loss of revenue
    • Extra expenses as a result of a loss
    • Sue and labour, and debris removal
    • Property coverage.
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