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:
- Office insurance – for static location/s that you work from;
- Electronic equipment / portable property – equipment that goes with you outside the office including laptops and cameras, as well as surveying equipment;
- Corporate travel – economical annual policy for both interstate and overseas business trips and leisure travel for directors. Coverage includes medical and luggage benefits.
- Management Liability Insurance – Package policy incorporating cover for Directors and Officers, Employment Practices Liability if you have employees, Statutory Liability, Taxation Investigation;
- Cyber Insurance – cover for cyber events including, investigation, privacy and notification, extortion, identity theft and computer crime;
- Workers compensation – statutory product for injury to employees;
- Income protection – protection if your ability to earn income changes;
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