AEGIS Miner Rescue Consortium launches $25m miner rescue insurance product

AEGIS London-led Lloyd’s consortium has launched a $25 million insurance product to cover the rescue of miners trapped underground, doubling its available cover from $10 million.

The 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.

Not only does the insurance coverage pay for the recovery operation, encompassing the rental of equipment, rescue specialists, first aid, and transportation, but it also extends public relations assistance to protect the mining company’s reputation.

The consortium includes insurers Brit, IQUW, Hampden and Abbot.

Dan Rouse, International Casualty Class Underwriter, from AEGIS London said: “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. 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.

“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.”

Matthew Yeldham, Chief Underwriting Officer at AEGIS London, added: “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.”

The consortium is supported by Integra Technical Services (Integra), an international loss adjuster, which offers the Tellintegra claims notification portal and IRIS, a remote visual inspection tool.

IRIS utilizes mobile phones to transmit live footage of the situation directly to insurance and rescue specialists.

Paul Latimer, Managing Director Risk Services at Integra stated: “We are delighted to support AEGIS London and this product with our specialist mining adjusting team and technology. 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.”

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