Mines, unlike quarries, explore what’s beneath the ground and extract precious metals. Mining is a hazardous business. Your equipment may malfunction. Natural disasters, such as earthquakes, can lead to the collapse of mines. These unforeseen accidents will lead to the destruction of property or loss of life. Thus, you need to cushion your mining company from such eventualities by having mining insurance.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
General liability insurance is a policy that protects your mining company from various lawsuits and claims. In case of accidents or injuries, this policy will cover them. This insurance for the mining industry will cover the following:
Bodily injury
Property damage
Advertising injuries
Legal costs such as settlements, court judgments, and attorney fees
Contractual liability
The coverage limit of this mining liability insurance is $1,000,000-$5,000,000 for each occurrence. This is the amount your insurer will pay your business after an accident. In case of unforeseen events, such as property damage, you can use the money for replacement or repair.
Cyber liability insurance–This optional coal mining insurance covers financial losses due to cyber-attacks, data breaches, or other technology-related incidents
Professional liability insurance–Protects professionals against claims of negligence, errors, or omissions. Carriers and mining insurance brokers might not offer this as an add-on but as a separate policy
Product liability insurance–Covers damages or injuries caused by a faulty product
Yes, this insurance policy is fundamental if you are in the mining industry. It covers the most common risks, such as third party property damage and bodily injury.
Mining insurance brokers will charge higher premiums for large businesses. Also, your exposed risks will affect the premiums you will pay. Location and number of employees are also a crucial factor.Â
| CoverWallet (Best) | NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Yes | No |
| Deductible | $500 | $500 | $500 | $500 | $500 |
The mining industry is quite sensitive. Any mistake or error can lead to the loss of lives and destruction of property. Professional indemnity insurance for mining will cover legal claims that arise from professional services in your mining business.Â
Professional liability insurance for mining operations has a coverage limit of $1,000,000-$10,000,000. Remember that the mining business attracts a multitude of risks, and you need to undertake a sufficient coverage limit.
You don't have to worry if a negligence claim is made against your mining company. Your insurer will investigate the validity of the claim. If the claim is valid, they will offer compensation.
Most policies will cover claims that are made in the current policy period. But some insurers will offer you retroactive coverage. This coverage will also cover other claims before you purchased the policy.
Gas leaks, oil spills, or overflows may occur during the mining process. All these pollutants will damage the environment and endanger the lives of nearby people. As a mining company, you need pollution liability insurance.Â
This coal mining insurance coverage will offer financial protection in the event restoration of land is required after pollution. Pollution liability insurance will provide coverage for the following:
Accidental spills
Release of pollutants
Contamination of soil or groundwater
 Breach of stipulated environmental regulations
 Property damage due to pollution
Bodily injury due to pollution
The coverage limit is $100,000-$2,000,000 for each occurrence. It is essential to select the ideal coverage limit by considering the size of your mining business. You must also take into account all the potential risks.Â
No, this mining contractors insurance will not cover damages due to natural disasters. For such risks, you need to have a separate insurance cover.
Yes, some mining insurance companies may impose specific limitations on the insurance policy. This means you will not get compensation for the limited or excluded acts.
Public liability insurance will protect your mining business from any third-party claims. It covers accidents that occur either on the mining premises or outside the mining premises and result in property damage or bodily injury to third parties. It will typically cover the following:
Personal injury
Death
Legal claims
 Incident investigation
Accidental damageÂ
The insurance company can offer coverage limits between $10,000,000 and $20,000,000. If you select higher coverage rates, your insurer will ask you to pay higher premiums. But generally, you should choose the limits depending on your exposed risks in the mining business.
No, these two are entirely two different policies. General liability will cover any accidents on your premises, while public liability covers on and off-premises accidents. The public Liability policy is customized for accidents that affect third parties.
Public liability insurance typically does not provide coverage for reputational damage. But you can add it to your policy.
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