Underground Plant and Machinery Insurance

Underground mining equipment is usually of high value and specialized making it crucial for mining businesses to have the correct insurance coverage to safeguard these assets. Underground Plant and Machinery insurance is a solution designed specifically to protect businesses from the unique hazards they encounter by owning, operating, or even hiring such equipment.

The plant and machinery is exposed to several risks, including physical damage or breakdown which can be caused by natural disasters, such as floods, fires, earthquakes; man induced issues like vandalism, operator errors and electrical issues, or mechanical failure within the machinery itself.

Having the correct insurance is critical to enable the business to quickly replace, repair or plug revenue loss due to damage to critical plant. The Underground Plant and Machinery insurance provides protection in a number of areas including:

1. Property damage protection for the plant and machinery for losses caused by fire, mine collapse, flooding, operator accidents and associated perils. This enables the business to repair or replace the damaged equipment.
2. Machinery breakdown provides protection for plant when it breaks down due to sudden and unforeseen physical loss of or damage whether at work or at rest, or being dismantled for the purpose of cleaning, inspection, or overhauling, or in the course of the operations.
3. Business income protection covers the business from the resultant loss in profits or increase in operating expenses (for example via hiring a replacement machine) that the company incurs during the period the plant is being repaired or before its replacement arrives.
4. With the advent of semi-autonomous machinery, some form of cyber insurance cover maybe required to protect against losses or damages to machinery due to cyber-attacks and hacking related causes.
5. Protection can be extended to include contractors plant and machinery covered against similar causes for loss and damage as those above.

Firstlink assists client’s to structure adequate cover for the size and scope of their operations. Our clients also benefit from our dedicated claim’s service in the event of a loss. Our approach removes ambiguity and complexity often associated with mining insurance claims.

Talk to us today about cover for your mining operation on (0242)744048/79, 0772392075, 0773589694 or 0772434103 or email info@riskmanagers.co.zw