Earthquake Preparedness for Mining
Transfer Mining Industry Earthquake Risks
The risk associated with mining induced seismicity is one of the major threats to the safety and sustainability of deep underground mines. Companies in the mining, metals, and minerals sectors need to effectively manage their insurable/hazard, financial, and operational risks in light of emerging challenges such as globalization and consolidation, insurance capacity, and geopolitical risks. And risk management and insurance solutions can play an important role in helping you to meet these challenges.
In opencast mines and at tunnel portals even local earthquakes can do some damage. Therefore, areas near the mining operations should be monitored close by to ascertain the continuation of services in terms of traffic and to meet safety expectations. This can be achieved most effectively by monitoring of tunnel access points of important transport routes and by seismic stations at intervals of at least 10 km, once a tunnel is longer than that. Such monitoring would ascertain a continuous control of underground and surface stability.
Risks Need to be Covered in Mining Operations
Worker Insurance, interruption, all Risk, and extending the current policies.
Affordable Risk Transfer
Once a loss occurs, it is too late to revise an insurance policy. Consequently, the policyholder must be extremely diligent during policy purchase and renewal. Understanding specific insurance requirements, carefully calculating the property and business interruption values, outlining contingency plans, and anticipating the potential losses at each location are all key steps in maximizing future insurance recoveries. In sum, paying close attention to the potential impact of a loss at the insurance procurement stage will help to minimize issues and maximize recovery when a loss does occur.
Now that revising insurance policies once a loss occurs is too late, Earling helps to know the best time to transfer risk through new policies or extending the current coverage for a limited priod of time for example only for 10 days and not for 365 days of year.
Maximizing insurance coverage after a catastrophic loss is difficult for any company but Earling Earthquake Preparedness Alerts assists to do it before a catastrophe occur.
Well Known Risk Takers
Tackle your risks with our solutions to the big players. We propose enterprise companies as well as SMEs and individualizes the best time to purchase a new earthquake policy or extending the current coverage to make it inexpensive.
Currently, Japan, New Zealand, Greece, Turkey, Caribbean, Chile, Ecuador, Taiwan, Romania, Indonesia, California are the regions, which Munich Re accepts their risks. In addition, South Africa, Oklahoma and Utah are subject to further work.
In the regions that Earling issues Earthquake Preparedness Alerts, Japan, New Zealand, Caribbean, Chile, Ecuador, Taiwan, Indonesia and US (California, Utah) are undercover by Swiss Re to take the risks.
How we can help?
In general, Earling has a global seismic monitoring network and specialists that are subject matter experts. Regarding the challenges mentioned above, Earling is been able to deliver support.
- In the pressure on profitability, performance management and key performance indicator settings.
- In the entrance of parametric insurance markets and issuing alternative products, Earling can deliver independent advice by our global resources.
- To keep control on the impact of catastrophic events, Earling can assist in optimizing, validating on Cat and reinsurance programs modelling.