10 Things You Need to Know About Mine Site Insurance
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10 Things You Need to Know About Mine Site Insurance

10 Things You Need to Know About Mine Site Insurance

“Change is the only certainty for today’s mining industry…In every case, the proper strategic response to risk can be an opportunity to create value.”

KPMG ‘Australian Mining Risk Forecast – 2019/2020’

Everyone knows that working on a mine site comes with a certain level of risk. But, as the above quote from the KPMG report demonstrates, a “proper strategic response to risk” can be beneficial, not just to the mining companies but also for the thousands of contractors who regularly work on mining sites.

One way that risk can be mitigated is by having a comprehensive mine site insurance policy, but many contractors remain unsure about whether or not this is necessary.

To clear up a few misconceptions, we’ve compiled a list of 10 things you need to know about mine site insurance: 

  • According to one report, the Australian mining industry employs around 238,000 people. While most salaried employees will be covered by the insurance of the mining company they work for, contractors working for the same company generally won’t be covered. 
  • Mining contractors or small mining service businesses may have their own public liability insurance, but unless it is mine site specific it is unlikely to be sufficient in case of an incident occurring on a mine site. 
  • If you or a contractor working for you were found to be at fault for an incident occurring on a mine site, then you could be personally responsible for any associated costs. This could include medical or legal fees, as well as rectification works for damaged property. 
  • Without mine site insurance you could also be held personally accountable if a mine was required to shut down following an onsite incident. In this case, the mining company could seek restitution for loss of income suffered during the shutdown. 
  • Taking out a mine-specific public liability insurance policy will provide you (and any contractors that you may employ) with peace of mind when you’re working for a mining company. 
  • The type of work you’ll be carrying out on a mine site may have an impact on the level of cover required. If you’ll be working underground or handling any explosives, then make sure these activities are specifically covered by your mine site insurance policy.
  • When obtaining your mine site insurance policy, make sure you’re honest and up-front about the details of your work. While leaving some details out may save you a little money upfront, it could cost you hugely down the track.  
  • Surprisingly, some of Australia’s biggest insurance agencies don’t offer mine-specific insurance policies. Rather than do the ring around trying to sort out who will offer you the necessary level of cover, it’s easier to contact a company that specialises in mine site insurance policies. 

MineGARD is an insurance product offered by Gardian Insurance Brokers and backed by one of the world’s largest insurance underwriters (Lloyds). They provide tailored policies that offer high levels of cover at an affordable price. 

Taking out a mine site insurance policy doesn’t have to be difficult. You can speak to an experienced MineGARD team member for general advice or fill out an online application for an instant quote.

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