today at an international forum for the mining industry attended by former UK Prime Minister, Tony Blair and Lord Livingston the UK’s Minister of State for Trade and Investment, XL Group unveiled an insurance solution designed to cover specific risks faced by the global mining industry.
This new insurance offering from XL Group focuses on all mobile assets, and can cover all machinery and equipment either above ground, underground or subsea; any natural mineral including precious metals/stones; and all employees globally.
Speaking ahead of the INDABA conference Lord Livingston, Trade & Investment Minister said: “British companies have a wealth of experience in the mining sector and a proven track record of working with African partners to deliver benefits across the continent.
“I am looking forward to attending Mining Indaba and witnessing XL Group launch its new insurance product for the mining sector, demonstrating the innovation and diversity within the mining supply chain.”
Also commenting Neil Robertson, Chief Executive, Specialty Insurance at XL Group said: “The advantage is clients can buy the global program policy to cover any number of mines, any type of mining at any phase of operation: exploration, development and full production. Essentially this is a one stop shop for mining industry clients. We think it’s a real game changer because it’s supported by an 'Insurance Wrap Cover', which is a policy element designed to eliminate gaps in cover - sometimes difficult to achieve with conventional insurance placements which involve multiple policies and underwriters.”
XL Group has launched its new offering at a time when the global mining industry is pursuing significant growth and is, over the next few years, expected to reach an estimated US$1.7 trillion by 2017. Today, leading players are investing heavily in exploration while introducing new advanced technologies changing the way in which they mine their products.
Mr. Robertson believes that this affects the industry’s risk profile. “As the mining industry adapts the way it explores, develops and operates, the risks change. We recognized the complexity of these risks facing mining companies, contractors, refiners, logistics companies and end users, so developed this insurance cover, which we think provides the most clear and broad coverage available under one policy.”
More information on the cover:
MACHINERY & EQUIPMENT
- Marine Cargo: Global transit cover including temporary storage of machinery and equipment. Also available is Contractual Liability cover following loss or damage to cargo for freight forwarders and logistics companies
- Delay in startup/Project Cargo: Cover for Business Interruption costs including advanced loss of profits or debt service following loss of critical, high value equipment
- Underground Equipment (mobile or moveable plant & equipment): Coverage for equipment anywhere in the world while operating underground, being transported to and from site and while stored
- Subsea Equipment: Cover for the equipment anywhere in the world while working underwater, in storage, or being transported to and from site
- Re-mining core samples: Cover for loss of core samples, which contain important data for analyzing the viability of a mine site. Coverage for impacts and delays for potential mine site development. The cover also responds to cost of re-mining core samples should they be lost between exploration site and laboratory.
- Natural minerals: Cover for loss or damage to any natural mineral including semi / precious metals and stones from the point of mining until final delivery to the customer
- Kidnap and Ransom: Cover to respond to the security risks faced by staff wherever they operate or live. Cover includes: Kidnap / Express Kidnap, Extortion, Wrongful Detention, Threat, Disappearance, Hostage Crisis and Assault.
- Personal accident: Cover to provide financial help to employees either at home or abroad.
- Medical Expenses: Corporate medical plans to protect expatriate employees, rotating employees and local national employees, including family members.
- Non owned aircraft liability: Coverage for employees travelling by air between sites, this insurance provides Liability cover arising out of use of third party aviation operations
Additionally the insurance includes worldwide cover for assets that are exposed to war, terrorism and political violence attacks.
About XL Group plc’s Insurance Operations
XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance.
About XL Group plc
XL Group plc (NYSE:XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlgroup.com
XL Group is the global brand used by XL Group plc’s insurance and reinsurance subsidiaries.