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Insurance for the Mining Industry
Mining is increasingly a global business. Domestic mining companies have increasingly focused their exploration efforts overseas due to the pressures to reduce production costs, lower commodity values, fewer large domestic deposits, lower international labour costs, and an overall favourable international business climate.
Insuring the mineral mining industry requires a global perspective. It requires extraordinary know-how from specialists with hands-on experience in both the technical and practical aspects of the business. It requires a company that provides specialized service, that can deliver relevant, logical responses to your most difficult insurance scenarios.
Chubb has been serving the insurance needs of the mining industry, both surface and underground for 70 years. Through our efforts in this industry we make it our business to know yours and as a result have been able to develop a suite of unique coverage plans that respond directly to the needs of your industry - anywhere in the world.
Chubb's Mining Property Form
Our mining industry product provides coverage designed to meet the unique needs of mine operators and owners in a simple integrated policy. Protection has been tailored to include coverage for
- Damage and loss to mining property above and below ground
- Loss of income
- Costs to retrieve covered equipment damaged underground
- Loss of access underground
- Underground mine restoration costs
- Heap leach pads
- Mine dams
- Precious metals
- Mobile equipment
- Crushers and mills
- Process plants
- Loading facilities
- Offices and shop buildings.
Our underwriters can customize the coverage to fit the specific needs of both large and small mining operations involving just one or multiple locations - worldwide
Business Income Insurance
Chubb's coverage for the mining industry protects your bottom line when your business is shut down by a covered cause of loss - for example a mechanical breakdown of a SAG mill that halts the flow of ore available for processing. Extra expense insurance is provided on a blanket basis to help you to get back in business quickly - maintaining your level of production, your employees and your competitive edge.
Boiler and Machinery
Chubb has specific coverage to protect the machinery and other equipment that is vital to operating your business. Mechanical breakdown, electric arcing and boiler explosion coverage can also be incorporated into the package.
International Prospector Insurance
As a prospector, you stake your future on your ability to locate potential new claims. International exploration for minerals can be at full risk - risks that can keep you awake at night. Risks like these demand the best protection available.
Chubb's International Prospector package makes sure you can put your focus where it belongs: on the prospecting. Our package includes a wide range of property and casualty coverage uniquely designed to handle the risks inherent in resource development - anywhere in the world - in one easy-to-understand format, including coverage for:
- General liability world wide
- Exploration equipment world wide
- Unexpected archaeological discoveries
- Kidnapping and ransom
- Foreign voluntary workers compensation
- Automobile
- Crime
General Liability
We provide comprehensive general liability coverage for mining operations that range from mines producing and processing under 100,000 tons annually to some of the largest facilities in North America.
As one of the few providers that base our premiums on your output rather than on your payroll, our general liability coverage includes:
- Damage to neighbouring property
- Subsidence
- Blanket contractual (both oral and written)
- Employers liability
- Blasting
Umbrella
Chubb is one of a handful of providers offering umbrella coverage on both underground and surface mines.
This comprehensive coverage can be tailored to provide, in one integrated contract:
- High-limit liability protection for general liability and automobile
- Employers liability protection
- Additional protection against suits arising out of liability exposures
- Automatic, immediate coverage for new operations acquired or incorporated
Automobile
Chubb understands your needs for automobile coverage and offers a combination of physical damage and liability coverage that responds to the needs of event the largest operator-owned fleets.
Coverages are available for a variety of vehicles ranging from the pick-up trucks to the hauling trucks used in running your business.
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