Mining Industry Insurance: 5 Things To Ask Your Insurance Provider
- Written by News Company
With expensive machines and high risks to employees, a mining industry can be extremely challanging. Therefore it is extremely necessary to make you and your company safe by getting insurance for your mining industry.
How Does Insurance Companies Work?
An insurance company assesses your company’s risks, perform extensive loss planning and develop methods of how to recover them. They ensure to retrieve your company’s damage by paying you upto the agreed amount in insurance policies.
How Can I Choose Best Insurance Company For Me?
There are numerous insurance companies declaring the best policies for you. Make sure you consider asking these 5 questions before selecting an insurance provider for yourself:
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Questions You Should Ask Insurance Provider Before Selecting A Policy For Your Mining Industry: |
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What is your “insurance coverage” for mining industries?
This is the foremost question you should ask insurance agent before purchasing any policy. You should know what areas will your insurance policy will cover and what losses it will recover. You must make sure that the policy you are buying will cover the following:
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Property
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Liability insurances
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Natural disasters like floods and earthquakes
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Employees insurance (health, accidents)
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Machines and Equipment
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Travel losses
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What is the premium of your policies?
Premium is the amount you pay for the policy you buy. It can be monthly, quarterly or annually depending on the plan till the time of maturity.
It is very important that you know the amount and frequency of premium of the policies. Also you should compare it with the standard companies like Connect Business Insurance. You can also compare their benefits to the offered policy. This will ensure that you buy a proper plan according to your requirements and affordability.
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Will You Cover Third Party’s Losses Too?
Third parties losses may include the losses made to third companies like the land where mining is done. A well-known company offers insurance for the third party claims and damages. Therefore you should include this question in your list to ask from insurance providers.
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Do You Have Contestable Period In Your Insurance Policy?
Contestable period is a time when an insurance company can decide whether or not to pay to the insured. It is often 1-2 years when company investigate you have given accurate information or not.
This is an extremely important information you should ask from an insurance company. Make sure that it does not exceed beyond 2 years.
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What Is Your Surrender Value Policy?
Surrender value is the amount you as a policyholder will get if you decide to exit the policy before maturity. Surrender charge is deducted from surrender value which varies from policy to policy. You should check out for the surrender charges and time they will take to return your surrender value
Jessica Jorgenson
