The Lloyd’s insurance market has expanded coverage for miners' rescue operations, more than doubling the available limit from $10 million to $25 million with the launch of a new consortium.
The AEGIS Miner Rescue Consortium will provide cover primarily for hard rock and precious metal mines, both open cast and underground, with a focus on regions including Australia, Canada, South Africa, and Latin America. Insurers Brit, IQUW, Hampden, and Abbot are among the participants in the consortium.
Dan Rouse (pictured above), international casualty class underwriter at AEGIS London, described the policy as crucial for mining company CFOs or risk managers during an incident.
He noted that during a rescue operation, companies would need to manage communications with stakeholders, inform families of the trapped miners, and keep the financial markets and the broader public updated.
“Our miners’ rescue policy supports all those communications to allow risk managers and management teams to focus on saving the lives of their employees and any third-party contractors trapped below ground,” Rouse said.
Matthew Yeldham, chief underwriting officer at AEGIS London, said that the consortium builds on AEGIS London’s history of supporting the mining sector.
“AEGIS London has a great tradition of supporting the sector and this product will make a real difference to mines and miners around the world. We’re proud to have built this consortium,” he said.
The consortium has the support of Integra Technical Services, an international loss adjuster, which provides claims management through its Tellintegra notification portal and IRIS, a remote visual inspection tool. IRIS enables real-time transmission of live footage from mobile phones to insurance and rescue specialists, aiding in the rapid assessment of the situation.
Paul Latimer, managing director of risk services at Integra, stated that the company’s specialist mining team and technology would support the product.
“With lives at stake time is of the essence,” Latimer said. “Both Tellintegra, our claims notification portal, and IRIS, which provides real-time visibility of the situation simultaneously to multiple stakeholders while storing footage on a secure portal, help to facilitate early decision-making on the appropriate course of action and its funding.”
The consortium’s insurance cover is designed to finance various aspects of rescue operations, including the hiring of equipment, rescue personnel, first aid services, and transportation. It also provides public relations support to help safeguard the mining company’s reputation during and after an incident.
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