AusIMM
The Australasian Institute of Mining and Metallurgy
The Australasian Institute of Mining and Metallurgy
AusIMM Platinum Resource Professional Indemnity Insurance policy wording
We are pleased to convey that as the endorsed Insurance Broker to AuSIMM we have been able to negotiate upgraded cover from the Previous Professional Indemnity Insurance wording on offer. The improved wording was released on 1st May 2018 includes additional benefits at no change to premium rates.
Resource Professionals encompass a range of specialised occupations and it is essential to have appropriate cover. Your Professional Indemnity provides for indemnity for civil liability actions against you arising out of your Professional Business under the newly branded name of AusIMM Platinum Resource Professional Indemnity Insurance.
New inclusions to the policy wording include:
Increased covers to existing extensions within the wording:
The new wording is designed for Resource Professionals and still includes additional JORC endorsements to cater for specialist’s activities within the Mining Profession as required.
Importantly, if your occupation involves estimating or valuing minerals and you report and sign off to attest to this it is essential to disclose this activity and, an endorsement to the wording can be arranged to override the standard exclusions. The valuation or estimation of any resources must adhere to the Valmin Code, Society of Petroleum Engineers or JORC guidelines.
Professional Indemnity is the key product for advice giving professionals and is still essential to combine with Public Liability Insurance which is often required for visiting sites and provides coverage in the event that accidental bodily injury or property damage occurred. As far as possible we look to arrange Professional Indemnity and Public Liability with the same Insurer, particularly for more complex risks in order to minimise potential gaps in cover.
As for previously, on the Public Liability Insurance policy side whilst a lot of Resource Professionals do not conduct manual work our policies can give consideration to going underground, blue collar work, direct supervision of manual activities or blasting activities. It is important that these type of activities are disclosed as standard policy exclusions may require amendment or deletion.
Importantly, in conducting your Business as Resource Professionals there may be other Insurances you need to arrange depending on your individual activities. You may give consideration to the following coverages:
As the AusIMM endorsed Insurance Broker we would be happy to discuss any or all of these classes of Insurance with you and arrange on your behalf in order that you can get back to what you do best as a Resource Professional.
For obligation free quotations please phone 1800 245 123 or request a quotation
This advice and comments are provided in the capacity as your insurance broker and should not be construed as legal advice. Separate legal advice relating to the interpretation and implication of this article for your individual contracts should be obtained.