Mining & Natural Resources

UIB Nordic’s team has an unmatched experience and knowledge base within risk management and insurance for Mining & Natural Resources.

Our aim is to be the first choice for mining and natural resources companies of any size and jurisdiction, for activities above ground, open pit and under ground, regarding the risks of flying/falling rock, large vehicles, traffic under ground, hoisting of material to surface, explosives, fire/smoke, subsidence, land/mud slide, flooding, environmental, dam breaks, sunken ships, electrical or mechanical failure, employee risks, third party risks, etc..

Our long experience through various insurance cycles allows the team to complete the placing of challenging risks even in a difficult “hard” market. We recognize that gathering critical risk information, including on-site surveys, differentiating and presenting the risk in the submission thoroughly and correctly to underwriters and tapping the right markets are key to our success.

The team has considerable experience in dealing with risks located all over the globe, recognizing also that mining and natural resources sector investments in politically sensitive and often difficult territories are accelerating. UIB continues to develop expertise to handle risks in these areas.

The global market is our local market. We negotiate directly with all insurers’ specialist underwriters and claims managers, surpassing any intermediary links without authority.

Market leverage and contract certainty starts with thorough analysis. We do not take shortcuts in our risk analyses or wording negotiations, and the insurers know we don’t.

UIB enjoys strong support from the leading insurers. They support our initiative and our modus operandi, and they show it in providing outstanding terms in important negotiations!

Our specialist brokers are backed up by very experienced technical staff, claims specialists and UIB’s in-house mining and natural resources  risk engineers.

We are active in the claims process. Our team has extensive experience in active claims advocacy within all niches we choose to serve – we do not back down when the insurance contract should deliver!

We work together with our clients towards optimization of risk management, risk retention and risk financing.

We provide in-depth competence and analysis – going against current trends!

Your dedicated team de facto works together every day. There are no silos, no separate sales team and no delegation of responsibilities. What you see is what you get!

Whilst operating on a global footing, the main geographic areas in which we engage are Europe, Australasia the Middle East and North Africa.

Over the years, UIB has developed a unique reputation for its ability to assist in countries usually closed to foreign investment in general and industrial western investors in particular.

Insurance classes and underlying risks insured within the Mining & Natural Resources sector:

Property:

  • High value machinery and equipment
  • Only a few markets can write underground exposures
  • Poor loss record in specific regions/sector – need to differentiate
  • Need to define transition between property and cargo policies
  • Consumables, explosives, mill balls, sesparation chemicals, critical additives

Business interruption:

  • High BI values, significant limits required
  • Long lead time to replace critical machinery
  • Bottlenecs
  • Raw material price fluctuation affect BI values – risk for underinsurance
  • Exposure to critical suppliers

Cargo:

  • High value of individual shipments
  • Need to define transition between property and cargo policies
  • High value/long lead time for critical machinery: Long indemnity periods
  • Uncertainty of insurance responsibility
  • Theft (including internal fraud) risk connected with precious metals

Charterers Liability:

  • Charterers liability to ship, cargo, P&I and port facilities
  • Defence costs

Mining Fleet & Motor:

  • High value and long lead times for vehicles and machinery
  • Driver training
  • Maintenance
  • Reporting of new replacement units

General Liability / Environmental Liability:

  • Tailing dams
  • Pollution / Environmental
  • Subsidience
  • Rail liability
  • Neighbouring property
  • Subcontractor bodily injury / property damage

Directors & Officers Liability:

  • Regulatory authorities, e.g. corruption, environmental, etc.
  • Corporate manslaughter
  • Prospectus liability

Crime:

  • Valuables on premises or in transit
  • Forgery of documents
  • Employee infidelity

Political Risk:

  • Wide geographical spread
  • Nationalisation, confiscation
  • Kidnap & Ransom