The Lloyd’s insurance market’s only product writing cover for the rescue of miners trapped underground has more than doubled its available cover from $10 million to $25 million with a launch of a new consortium led by AEGIS London.
AEGIS Miner Rescue Consortium is predominantly for hard rock and precious metal mines, both open cast and underground, with a focus on Australia, Canada, South Africa and Latin America. The consortium includes insurers Brit, IQUW, Hampden and Abbot.
“The best way to understand how this product works is to put yourself in the shoes of a CFO or risk manager of a mining company during an accident,” commented Dan Rouse, international casualty class underwriter, from AEGIS London.
“Stakeholders will be looking for information and updates; the families of those trapped will need comforting and to be kept informed, and the financial market and the world at large will also need to be managed,” Rouse said. “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.”
This product will make a real difference to mines and miners around the world, according to Matthew Yeldham, chief underwriting officer at AEGIS London.
The consortium is supported by leading international loss adjuster, Integra Technical Services (Integra), with its Tellintegra claims notification portal and IRIS, a remote visual inspection tool which uses mobile phones to send live footage of the situation to insurance and rescue experts.
“With lives at stake time is of the essence. 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,” according to Paul Latimer, managing director of Risk Services at Integra.
The consortium’s insurance cover not only pays towards the recovery operation, including hire of equipment, rescue experts, first aid and transportation, but it also provides public relations support to help protect the mining company’s reputation.
A podcast from AEGIS London explaining how miner rescue insurance supports the rescue operation is available here.
In addition, a short video is available on AEGIS London’s miner rescue insurance portal.
AEGIS London operates Lloyd’s Syndicate 1225, comprising the UK-based subsidiaries of AEGIS (Associated Electric & Gas Insurance Services Ltd.), a mutual insurance company that serves the needs of the North American energy industry. From its origins in 1999, AEGIS London has become a top quartile diversified Lloyd’s syndicate, leading and participating in a wide range of business classes with a talented team of over 230 people.
Source: AEGIS London
Photograph: Gold miners work in the South Deep gold mine south of Johannesburg on Feb. 20, 2014. (AP Photo/Themba Hadebe, File)
Topics Excess Surplus New Markets Lloyd's London
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