11 February 2015 Insurance

XL unveils mining product

XL Group has launched a new marine insurance solution at a forum attended by the former UK Prime Minister Tony Blair.

This new insurance offering from XL Group focuses on all mobile assets, and can cover all machinery and equipment either above ground, underground or subsea; any natural mineral including precious metals/stones; and all employees globally.

XL has launched its new offering at a time when the global mining industry is pursuing significant growth and is, over the next few years, expected to reach an estimated $1.7 trillion by 2017.

According to XL, leading players are investing heavily in exploration while introducing new advanced technologies changing the way in which they mine their products.

Lord Livingston the UK’s Minister of State for Trade and Investment, who also attended the forum said: “British companies have a wealth of experience in the mining sector and a proven track record of working with African partners to deliver benefits across the continent.

Neil Robertson, chief executive, specialty insurance at XL, said: “The advantage is clients can buy the global program policy to cover any number of mines, any type of mining at any phase of operation:  exploration, development and full production. Essentially this is a one stop shop for mining industry clients.

“We think it’s a real game changer because it’s supported by an 'Insurance Wrap Cover', which is a policy element designed to eliminate gaps in cover - sometimes difficult to achieve with conventional insurance placements which involve multiple policies and underwriters.”

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