Munich Re Specialty has launched a Lloyd’s of London market consortium for miner rescue insurance.
The coverage funds specialized equipment, transportation and engineering in cases when a miner can’t reach the surface, according to a Munich Re press release Tuesday. Coverage could also include assistance with mine operations and communications support.
The coverage limit is $40 million per rescue. It includes Integra, a claims support platform that allows policyholders and claims adjusters to remotely monitor the rescue in real time.
The policy “fills critical gaps left by traditional casualty and property insurance by offering a trigger that responds when individuals are trapped underground and unable to reach the surface,” Munich Re says. Coverage continues until the rescue operation is completed or formally declared impossible, with media related expenses supported for an additional 14 days.
Mining remains one of the world’s most hazardous professions, Munich Re said, with rescues occurring last year in South America, Africa and Australia.