Is mining insurance one policy?
Not necessarily. A programme may combine several policies or sections, with different insurers, exclusions and claims triggers.
Mining Insurance Australia
Mining insurance reviews distinguish the operator's assets and obligations from those of contractors and service providers. Broking For You helps Australian mining businesses present their exposures and review proposed insurance terms.
Mining insurance is usually a programme of selected covers, not one policy that protects every activity. The structure depends on the operation, assets, contracts and insurer appetite.
Key dependencies and exposures
Fire, equipment breakdown and failures in critical infrastructure can disrupt production. A useful review identifies the commodity, extraction method, processing activities, contractors and production bottlenecks.
Bring together property and interruption values, fixed and mobile plant, machinery breakdown, liability and environmental exposures. Replacement times and practical recovery plans matter as much as equipment values.
What to bring to the conversation
- Site activities, locations, underground work and contractor responsibilities.
- Asset values, maintenance, critical spares and equipment replacement times.
- Production dependencies, restart plans and interruption estimates.
- Contracts, environmental assessments, claims history and existing exclusions.
Cover depends on the disclosed risk, insurer acceptance and the limits, excesses, exclusions and conditions agreed.
Background reading: FM: mining loss exposures; NSW Resources: rehabilitation compliance. These sources explain risk considerations, not BFY's insurer relationships. Rehabilitation requirements differ by jurisdiction. Checked .
Preparing the submission
- Provide site information, asset values, operations summaries and production dependencies.
- Include engineering reports, maintenance systems and emergency response arrangements.
- Explain contract requirements, claims history and any material operational changes.
Questions worth asking before you buy
Does business interruption cover every production stoppage?
No. The interruption must meet the selected policy's requirements. Check the triggering event, waiting period, indemnity period and relevant extensions.
Can owned and hired plant be considered?
Both can be discussed. Identify ownership, values, locations, operating activities and responsibilities under hire agreements.
Does environmental liability insurance fund routine rehabilitation?
Do not assume so. Planned rehabilitation and regulatory obligations need separate assessment. Pollution cover must be checked against its specific insured events and exclusions.
Does a principal's insurance automatically cover mining contractors?
No. Check the contractor's insured status, activities, property interests and contractual obligations. A principal's policy and a contractor's own arrangements may address different risks.
Are machinery breakdown and pollution included in property insurance?
Do not assume they are. Review the causes of loss, exclusions, liability sections and any separate policies or extensions proposed for these exposures. Market acceptance is risk-specific.
Related insurance areas
Discuss your mining operation
Tell Broking For You about the operation, your responsibilities and the cover you want to review.