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Types of Insurance in a Mining Contractors Policy mix

Unlike some more mainstream contractor insurances, mining contractor insurance is estimated to carry higher risk and as such can often be more expensive than normal contractor policies. They also have a higher level of detail and compliance conditions.

While every contractor will be different, and you will need to seek good advice on what you need, the common policies that make us the suite of insurance we include in Mining Contractor Insurance include:

Public Liability

For many businesses public liability insurance is mandatory. This is especially true in the mining, trades and construction industries, where most subcontractors and contractors will need to show evidence of their insurance before they are allowed onto the work site.

Depending on your industry and occupation will depend on the complexity of obtaining this cover. The most common levels of cover available are $5 million, $10 million and $20 million. Some insurers offer a higher limit on request.

Liability claims have no set limits so you must have adequate cover for the exposures of your business or advice. It is therefore vital to make full disclosure that you are a Mining Contractor to ensure there is no denial of cover in the event of a claim.

While you may well be able to source a Public Liability insurance policy for a low premium, it will almost certainly have several exclusion clauses related to mine site activities. Only an experienced broker will know how and where to find these and make sure you are adequately covered.

Professional Indemnity Insurance

Professional indemnity insurance is designed to protect professionals who provide advice or services to their customers if a claim is made by your client against you. Mining Contractors are often giving advice to their customers on site so it is important you talk with a specialist about the exact nature of the work you do on site.

It protects your business against legal costs and claims made for damages arising from alleged acts, omissions or breaches of professional duty in the course of your business.

This could be for alleged negligence in your advice or even an error or omission in your acts or services. Either way, in today’s litigious environment it is important to cover yourself against the unforeseen.

This means that if you do something or neglect to do something in the course of your work, and your client suffers injury or financial loss as a result, they may take legal action against you. Note, your liability often covers every staff member or sub contractor you may have on site.

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

Purchase up to six products under one Business Insurance Package. 

This means that if you do something or neglect to do something in the course of your work, and your client suffers injury or financial loss as a result, they may take legal action against you. Note, your liability often covers every staff member or sub contractor you may have on site.

Plant and Equipment Insurance

If your business relies on equipment to do it’s job, it’s important that you are covered against issues such as theft, damage or breakdown. Plant and Equipment Insurance covers a wide range of items ranging from portable tools to forklifts, excavators to cranes – plus a whole lot more.

Commercial Motor Insurance

Almost every Mining Contractor has or uses a vehicle – and you will be no different. Of course without that vehicle it becomes impossible to do the work you are contracted for.

Commercial Motor Insurance covers your business for any damage to the vehicle and any damage that vehicle might cause to others (People and property). This lets you get on with repairs quickly knowing that costs will be covered.

Accidents do happen, even to the most careful of drivers and sometimes they aren’t even you’re fault. This insurance keeps you running when it does happen.

Of course there are many more specific policies that may be pertinent to your situation and only consultation with an experienced Insurance Broker will ensure your ultimate protection. Call ARMA Insurance HV on 4932 4444 for an obligation free discussion or quote.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.


Arma Insurance Brokers Hunter Valley, ABN 60 096 916 184, AFSL 233750

This article originally appeared on ARMA Insurance News and has been published here with permission.

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