How to Insure a Metal: The Risk Roadmap
Insurance is how the metals industry transfers risk that it cannot absorb on balance sheet — from a single FIBC of cobalt hydroxide in transit to a tailings storage facility (TSF) that, if it fails, can write a US$ multi-billion loss like Brumadinho. This page distils the full lifecycle into five phases and covers every line of business a metals operator typically needs: Property All-Risks, Construction (CAR/EAR), Operational Mining, Tailings, Business Interruption, Machinery Breakdown, Marine Cargo, Stock Throughput, Warehouse Legal Liability, Specie, Product Liability, D&O, Environmental Impairment, Trade Credit, Political Risk, Marine Hull, Surety Bonds, Cyber, Crime and K&R. All references are to primary sources — Lloyd's, IUMI, IMIA, ICC, GISTM, Swiss Re sigma.
01Phases of the metals insurance lifecycle
02Who does what — RACI matrix
| Role | P1 Pre-bind | P2 UW | P3 In-force | P4 Loss | P5 Settle |
|---|---|---|---|---|---|
| Insured (risk manager / CFO) | R+A | A | R+A | A | A |
| Broker (Marsh / Aon / WTW / local) | R | R | R | R | R |
| Lead underwriter (Lloyd's syndicate / company) | C | R+A | C | C | R |
| Following market / co-insurers | I | C | I | C | C |
| Reinsurer (treaty / facultative) | I | C | I | C | C |
| Loss adjuster (cause & origin) | I | I | I | R+A | R |
| Forensic engineer / geotech (ITRB) | C | C | C | R | C |
| Coverage lawyer | I | C | I | R | R |
R Responsible · A Accountable · C Consulted · I Informed
03Lines of business — pick a cover
The metals industry is insured by ~20 distinct lines of business, each with its own market, wording and exclusions. The default ICC Glossary tab "Insurance & Risk" lists every term used below.
PAR — Property All-Risks (operating sites)
"All-risks" really means "all risks not specifically excluded". Insures direct physical loss or damage to plant, equipment, stockpiles, buildings and infrastructure at named locations. Sub-limits typically apply to flood, earthquake, machinery breakdown, debris removal, expediting expense.
How it is rated
Rate-on-line driven by total insurable values (TIV — replacement cost not market value), COPE data (Construction, Occupancy, Protection, Exposure), claims history, distance to fire-fighting infrastructure, NatCat zone (PML / EML modelled in RMS / AIR). Typical deductible: 2–10× retained working layer.
CAR / EAR — Construction & Erection All-Risks
Insures the works for the duration of construction or erection of a new plant, smelter, refinery, mine expansion or processing line. Section I covers physical damage to the works; Section II covers third-party liability. Often issued as a "principal-controlled" policy on the project.
DSU — Delayed Start-Up
The BI extension to CAR/EAR — replaces gross profit the principal would have earned had the project achieved commercial operations on the contracted date. Critical for greenfield smelters, lithium plants and battery precursor lines. Watch the "indemnity period" and the "time excess".
OM — Operational Mining package
The dominant integrated wording for an operating mine — combines Property, Machinery Breakdown and Business Interruption in one schedule, written by a specialist mining underwriter (e.g. AXIS, Berkshire Hathaway Specialty, Liberty Mutual, MSIG Asia). Includes underground exposure, open-pit, processing plant, conveyor and stockpiles. Excludes TSF unless specifically endorsed.
Pit-wall, subsidence & ground heave
Pit-wall failure cover is sub-limited and usually requires a recent geotechnical study. Ground heave / subsidence typically excluded in upstream tailings sites post-Brumadinho. The IMIA Mining Risk Survey template is the de facto market standard for risk engineering submissions.
TSF — Tailings Storage Facility
Since Samarco (2015) and Brumadinho (2019) the global market has largely written TSF out of standalone Property/Operational Mining wordings. Where it is offered, expect: GISTM compliance evidence, Independent Tailings Review Board (ITRB) sign-off, upstream-method moratorium per ANM Resolution 13/2019 in Brazil, dam-break analysis run by qualified geotech firm, sub-limit (typically US$ 50–250m), high deductible (US$ 10–50m), and strict reporting conditions.
Post-Brumadinho underwriting reality
Many global reinsurers (Munich Re, Swiss Re, Hannover Re) restrict or fully exclude TSF aggregation. Operators increasingly self-insure through captives or industry mutuals; some publish the GISTM compliance roadmap as a condition of any cover at all. See ICMM's tailings governance framework and the Renova Foundation Samarco settlement for the post-loss cost trajectory.
BI — Business Interruption
Replaces the gross profit (or net profit + standing charges, depending on basis) the insured would have earned but for an insured peril triggering the Property section. Always defined with a Maximum Indemnity Period (12 / 18 / 24 / 36 months) — getting MIP wrong is the #1 reason BI claims under-pay.
CBI — Contingent BI
Extension that triggers when a key supplier or customer suffers an insured loss. Crucial in concentrate flows where a single smelter (e.g. KFM, Norilsk, Glencore Mt Isa) is the only economic offtaker for a mine. Usually sub-limited.
MB — Machinery Breakdown
Sudden and unforeseen mechanical or electrical breakdown of insured plant — SAG mill motors, ball mills, smelter rectifiers, electrolytic cells, conveyor drives, kilns. Excludes wear-and-tear and gradual deterioration. Often paired with MB-BI (consequential loss from a covered breakdown).
Typical exclusions
Wear-and-tear, gradual corrosion, design defect (LEG 1/2/3 wording variants), operator error in some wordings. The LEG (London Engineering Group) defects exclusion choice (LEG 1 strictest, LEG 3 broadest) is one of the biggest cover decisions in any engineering placement.
Marine Cargo — ICC A / B / C
The default risk-transfer wording for any metal in transit. ICC A = all-risks (warehouse-to-warehouse), default for refined cathode & bars. ICC B = named perils incl. fire, vessel sinking, jettison, washing overboard. ICC C = minimum cover, only catastrophic events. CIF requires C minimum; CIP requires A minimum under Incoterms 2020.
IUMI annual cargo statistics
Global cargo premium ~US$ 19bn (2024). Major losses driven by container fires (battery materials in particular), general average events, and post-pandemic congestion. IUMI is the de facto trade body for hull and cargo markets.
Inland Transit / Goods in Transit (GIT)
Covers domestic road/rail movements that fall outside marine wording — typically the leg from mine gate to port, or smelter to inland warehouse. Often written as an extension to the Cargo policy, or on a separate GIT slip. In the EU, the CMR Convention sets carrier liability at ~SDR 8.33/kg — far below most metal cargo values, so first-party transit insurance is essential.
Carrier liability vs cargo insurance
Carrier liability (CMR road, COTIF/CIM rail, Hague-Visby sea, Montreal/Warsaw air) is limitation-based and rarely indemnifies metal cargo to full value. Cargo insurance is first-party, value-based, and subrogates against the carrier on the insured's behalf. The two are complementary, not substitutes.
War & Strikes — Joint Cargo Committee (JCC) clauses
Cargo policies exclude war and strikes by default — but a separate JCC wording can be added on. The JCC publishes a list of countries / waters classified as high-risk: Black Sea, Gulf of Aden, parts of the Red Sea, parts of the Strait of Hormuz, parts of the Gulf of Guinea, the Persian Gulf transit. War rates re-rated weekly during conflict events.
2024–2026 hot zones
Red Sea / Gulf of Aden additional war premium spiked after Houthi missile and drone attacks on commercial shipping (late 2023 onwards). Black Sea premia remained elevated through the Ukraine conflict. The JCC list is the reference for cargo war rate-setting.
STP — Stock Throughput
One policy that follows the metal from raw concentrate at the mine, through smelter, refinery and warehouse, to the final delivered buyer. Removes the cover gaps that exist between separate Marine Cargo and Property Stock placements. Monthly declarations of insurable values; premium often adjusted on declaration vs deposit basis.
Why metals love STP
Refined-metal traders (Trafigura, Glencore, Mercuria, IXM, ToTrade) live in STP — they don't know in advance whether an LME warrant will be transferred, re-warehoused, shipped or melted. STP removes the friction of declaring each leg under a different policy. Lead markets: Lloyd's syndicates plus Munich Re, AXA XL, Liberty, Zurich.
WLL — Warehouse Legal Liability
Insures the warehouse operator's legal liability as bailee-for-hire for goods stored on its premises — e.g. an LME-approved warehouse holding warranted cathode. Liability is contractual (warehouse terms, FIATA conditions) and tortious. WLL is the warehouse's own cover; the cargo owner's STP/Marine Cargo policy responds in parallel.
Major historical losses
The Qingdao port fraud (2014) — duplicate warrants on copper and aluminium at Qingdao Dagang — produced a record WLL and Cargo claim cluster, and reshaped the chain-of-custody and warehouse-warrant inspection regime. LME tightened warehouse rules; assayers now perform random "tag and seal" checks.
Specie — precious-metal vault & in-transit
Bespoke wording for high-value precious-metal vault contents (gold, silver, PGM bars; coin collections; jewellery stock) and the armoured-courier movements between them. Standalone from Marine Cargo. Vault operators (Brink's, Loomis, Malca-Amit, G4S Cash Solutions, Loomis Sterling) require Specie cover as a condition of business.
LBMA Good Delivery interaction
Specie underwriters require LBMA Good Delivery list-compliant assay certificates as proof of insurable interest and value. Re-assay disputes are a known claim vector — the LBMA proficiency testing scheme is the reference for assay quality.
PL — Public & Products Liability
Defends & indemnifies the insured for legal liability to third parties for bodily injury or property damage caused by the insured's operations or products. Critical for refiners, smelters and toll processors where a contamination event in product feed-stock can propagate downstream.
Mass-tort exposure
The risk that concerns most underwriters: heavy-metal contamination claims (lead, arsenic, mercury) — group actions that can run decades after the operation ceases. Aggregate limits and long-tail reserving are non-negotiable.
EL — Employers' Liability / Workers' Comp
Statutory employer-side cover for employee injury or occupational disease. Mandatory in most jurisdictions. Limits and benefit structure vary widely — UK/IE EL is unlimited in legal effect; US WC is state-by-state benefit-based; HK has prescribed limits; AU/CA combine common-law and statutory schemes.
Mining-specific exposures
Silicosis, noise-induced hearing loss, hand-arm vibration, heat stress, diesel particulate, asbestos legacy — all long-tail liability that mining EL insurers price carefully. Recent occupational lung-disease class actions in South Africa (gold mines) and Australia (silica engineered stone) are reference points.
D&O — Directors' & Officers'
Defends and indemnifies directors and officers against claims for "wrongful acts" — typically mis-statement, breach of fiduciary duty, regulatory investigations. Side A (non-indemnifiable to the individual), Side B (corporate reimbursement), Side C (entity securities) — three layers, each with its own limit logic.
Brumadinho / Mariana precedent
Vale and BHP directors faced multi-jurisdictional civil and criminal proceedings after Brumadinho (2019) and Samarco (2015). The Município de Mariana & Ors v BHP Group plc UK Group Litigation Order is a key reference for the scale of plaintiff cohort (~700,000 claimants). D&O wordings post-2020 increasingly carve out criminal proceedings.
EIL — Environmental Impairment Liability
Covers pollution conditions — sudden and gradual — that standard PL excludes ("absolute pollution exclusion"). Includes on-site clean-up, third-party bodily injury and property damage from pollution, third-party clean-up demand by regulator (CERCLA Superfund-type claims in the US).
Mine closure & legacy
EIL is the primary instrument transferring legacy environmental risk at mine closure. Bonding requirements (Surety) and EIL combine to satisfy regulator-set financial assurance — e.g. Western Australia DMIRS Mining Rehabilitation Fund, US BLM bonding, Brazil ANM rehabilitation fund.
PI — Professional Indemnity
Cover for engineers, surveyors, assayers, geologists, mineral economists and consultants — defends and indemnifies against claims of negligent professional service. Critical for the technical chain that supports an LME warrant or a JORC/SK-1300/NI 43-101 resource statement.
Assay/Cert disputes
The classic claim: an assay certificate that under-reported metal content (or over-reported, depending on the contract). Bre-X (1997) is the precedent for the worst-case scenario — though the criminal-fraud overlay there put it outside PI coverage. Standard contracts assign assay disputes to umpire procedure.
Trade Credit
Indemnifies the seller against non-payment by a buyer — protracted default or insolvency. Standard in concentrate offtake, refined-metal trading and battery materials. Default global market: Atradius, Euler Hermes (Allianz Trade), Coface, plus Lloyd's syndicates and AIG.
Sanctions overlay
Every trade-credit insurer screens against OFAC SDN, EU consolidated, UK OFSI, UN consolidated lists — see the TSM ecosystem sanctions watch for the daily mirror. A sanctions hit voids cover; cancellation rights are tightly drafted.
PRI — Political Risk Insurance
Indemnifies cross-border investments against political events the host government causes: expropriation, currency transfer/inconvertibility, war/political violence, breach of contract, license revocation, arbitral award default. Multilaterals: MIGA (World Bank), DFC (US); private: Lloyd's, AIG, Liberty, Sovereign, Zurich.
Recent resource-nationalism trend
Lithium-triangle and Indonesian nickel licensing changes, DRC mining-code revisions and various export bans have driven PRI demand and re-rated several jurisdictions. Tenor up to 15 years for project-scale; pricing tied to S&P sovereign rating and 5-yr CDS.
Surety Bonds — rehabilitation, performance, export
Three-party instrument (principal, obligee, surety) guaranteeing performance of a contractual or regulatory obligation. Metals-specific applications: mine rehabilitation bonds (regulator-required financial assurance for closure), construction performance bonds, export-quality bonds, customs duty bonds.
Rehabilitation bond market
Largest single demand driver for mining surety. Examples: Australia (state-level mine rehabilitation funds), USA (BLM federal bonds), Chile (Ley de Cierre 20.551), Canada (provincial closure plans), Brazil (ANM rehabilitation guarantees). Capacity tight; pricing tied to operator credit rating.
Marine Hull & Machinery
Insures the vessel itself — Capesize, Newcastlemax, Valemax bulkers carrying iron ore and bauxite; multi-purpose vessels carrying ferro-alloys; barges and tugs in port. Standard wording: Institute Hull Clauses 1.10.83 or International Hull Clauses 1.11.03.
P&I clubs
Mutual market structure (13 International Group clubs) covering ship-owner liability — pollution, crew, third-party. Cargo claims by metal owners flow through the P&I club of the carrying vessel; the IG pooling agreement and General Excess of Loss reinsurance are the apex of marine liability capacity.
Cyber — ICS/SCADA at mine, smelter, refinery
Industrial-control-system exposure: smelter rectifiers, mill drives, conveyor PLCs, hoist controllers. A ransomware or wiper event can shut a smelter for days; Norsk Hydro 2019 LockerGoga (US$ 70–80m) is the reference case. Cover triggers on a security failure; BI on system unavailability.
OT/IT segmentation
Underwriters increasingly require OT/IT network segmentation, MFA, EDR and offline backups as conditions precedent. NIST SP 800-82 (Industrial Control Systems Security) is the technical reference; IEC 62443 the industrial-automation security standard.
Crime / Fidelity / Commercial Crime
Covers loss from employee dishonesty, computer fraud, funds transfer fraud (CEO-impersonation), forgery, counterfeit currency. Highly relevant for trading desks moving cash and metal warrants. Standard wording: ISO Commercial Crime / Bankers Blanket Bond derivative.
Warrant-fraud history
The Qingdao 2014 case (~US$ 3bn duplicate warrants on copper/aluminium) reshaped warehouse-warrant authentication and produced large Crime, WLL and Cargo claims. The LME now enforces strict warrant traceability and "tag and seal" procedures at approved warehouses.
K&R — Kidnap & Ransom (Special Risks)
Reimburses ransom payments, in-transit / loss of ransom, crisis-response consultant costs (Control Risks, Olive Group, Lloyd's "response companies"), additional security expenses. Common where expat technical staff work in mining geographies with historical kidnap activity.
Confidentiality
K&R insurance is the only line where the existence of the policy is contractually confidential — disclosure can void cover. The crisis consultant is engaged by the insurer, not by the insured, to preserve privilege.
04Detailed phases
Phase 1Pre-bind — risk identification (2–12 weeks)
Identify everything that could go wrong across the operation — not only the dam. The metals operator's risk register typically maps to ~20 lines of business: site hazards, plant breakdown, supply-chain interruption, in-transit loss, warehouse bailee exposure, product liability, environmental impairment, financial counterparty failure, political event, cyber outage, fidelity and security. Each line has its own evidence pack the underwriter expects.
- Site risk survey — IMIA Mining Risk Engineering template (WGP 117); COPE data (Construction, Occupancy, Protection, Exposure)
- Insurable values — replacement cost (not book / market value); BI worksheet with 24-month gross-profit forecast
- TSF — GISTM gap analysis; ITRB sign-off; dam-break analysis (consequence classification); ANM Resolution 13/2019 compliance for Brazilian upstream sites
- Supply-chain map — single-point-of-failure smelters, offtake concentration, cross-border choke points (Red Sea, Hormuz, Bosporus)
- Cargo & stock — declaration of average monthly inventory, in-transit profile by mode
- Liability — claims history, regulator notices, prior pollution incidents (EIL); silicosis & occupational disease history (EL)
- D&O — governance, board composition, prior class actions, ESG disclosure score
- Sanctions & ESG screen — OFAC, EU, UK, UN lists; OECD Due Diligence; Conflict Minerals (Dodd-Frank §1502, EU 2017/821)
Phase 2Underwriting & placement (4–10 weeks)
The broker assembles a submission pack and goes to market. For complex risks the broker chooses a "lead" underwriter (the syndicate or company that writes the largest line and dictates wording) and follows with co-insurers and reinsurers. Lead market for metals: London (Lloyd's syndicates, London company market), Munich, Zurich, Bermuda, Singapore.
- Broker submission — schedule of values, COPE, claims history, risk-engineering report
- Quote phase — multiple syndicates / companies quote terms, deductibles, sub-limits, exclusions
- Lead chosen, "following market" filled at the lead's terms — Lloyd's slip signed in stamping system
- Reinsurance — treaty (automatic) and facultative (single-risk) placed in parallel
- Premium payment warranty — usually 60–90 days; non-payment voids cover ab initio
- Subjectivities — risk-improvement deadlines (e.g. install fire suppression in mill within 90 days)
- Binder & policy issuance — Market Reform Contract (MRC) under Lloyd's standard; certificate to insured
Phase 3Bind & in-force monitoring (12 months)
The policy is live. Several lines require continuous in-force activity to remain valid: monthly stock declarations for Stock Throughput, quarterly TSF compliance certificates for any TSF cover, sanctions re-screening for Trade Credit, payroll declarations for Employers' Liability, sales declarations for Product Liability. Failure to deliver these on time can void cover or trigger an underwriter audit.
- Monthly STP declaration — insurable value by location & in-transit
- Quarterly TSF / GISTM compliance dashboard to lead market
- Annual IMIA-style mining-risk audit; risk-improvement plan progress
- Claims notification clauses — typically 24–72 hours for material events
- Loss-prevention investment tracking; underwriter sign-off on major changes (e.g. new TSF lift)
- Sanctions watch — daily for trade credit, PRI, marine cargo; suspension on any hit
- Mid-term endorsements — additional locations, new equipment, divestments
Phase 4Loss event response (0–24 months)
From the moment a loss happens, the clock starts. The notification window is typically 24–72 hours for material losses; faster (immediate) for events that risk public-safety attention. The first hours determine whether the claim can be defended, paid promptly, or denied entirely. See the dedicated How to Claim page for the full claim lifecycle.
- Immediate notice of loss to broker; broker notifies lead underwriter within hours
- On-site preservation — secure scene, log evidence, photograph; preserve damaged plant for forensic engineer access
- Loss adjuster appointed by insurer (Lloyd's panel adjuster or Crawford / Sedgwick / McLarens / RGL)
- Forensic engineer (cause & origin) — geotechnical, electrical, fire, marine, depending on event
- Reserve setting — initial estimate (often deliberately conservative); revised as facts emerge
- Payment on account — interim payments where indemnity not in dispute (preserves operator liquidity)
- Coverage dispute resolution — courts, arbitration, mediation; Bermuda Form arbitration for very large claims
Phase 5Settlement & renewal (6–36 months)
Final adjustment produces an indemnity figure; the insurer pays, less any deductible, less any sub-limit, and subject to any policy condition. The insurer is subrogated into the insured's rights against third parties (carrier, contractor, supplier) to the extent of payment. Renewal underwriting then reflects the loss experience and any risk-improvement work completed.
- Final adjuster's report — indemnity computation, BI extension if applicable
- Settlement agreement / release; payment net of deductible
- Subrogation file — insurer pursues recovery against responsible third party (e.g. carrier under Hague-Visby, contractor under CAR principal clause)
- Reserve commutation — insurer closes the claim file once IBNR exhausted
- Loss-experience profile — used at renewal; significant claims typically increase rates / deductibles / exclusions
- Renewal underwriting — risk-improvement evidence; updated PML / EML; revised TIV
- Re-rating — composite vs hard-market cycle; broker shops the renewal across markets
05Market structure — who underwrites metals
Lloyd's of London
Subscription market of ~50 active syndicates writing metals, mining, marine cargo, hull, specie, political risk, D&O, cyber. The lead syndicate sets terms; the following market signs the same slip at the same price. Stamping via Market Reform Contract (MRC).
IUMI — marine cargo & hull
International Union of Marine Insurance — the global trade body for ocean marine, river marine, energy and offshore marine. Publishes annual statistics and the Cargo Marine Risk Survey; sets thought leadership on container fires, BI in cargo, STP.
IMIA — engineering / mining
International Association of Engineering Insurers — Working Group Papers (WGPs) are the de facto reference for CAR/EAR, OM, MB and TSF underwriting. WGP 117 (2022) is the current mining risk-engineering template; WGP 72 covers Machinery Breakdown.
LMA — wording authority
Lloyd's Market Association — issues the wording library (Institute Cargo Clauses, Institute Hull Clauses, JCC war clauses, LMA property and casualty wordings). Updates published continuously; older wordings remain available for legacy policies.
ICC — Incoterms & trade-credit
International Chamber of Commerce — publishes Incoterms (2020 edition current), the Uniform Customs and Practice for Documentary Credits (UCP 600), and the Trade Register Report on global trade-finance loss experience.
Captives & mutuals
Many of the world's largest metals groups self-insure significant retention through wholly-owned captive insurers, often domiciled in Bermuda, Cayman, Guernsey or Vermont. Industry mutuals (e.g. Oil Insurance Ltd for energy; smaller cluster for mining) pool risk across operators in the same line.
Reinsurance market
Munich Re, Swiss Re, Hannover Re, SCOR, Berkshire Hathaway, RGA, Lloyd's syndicates. Most metals primaries cede 60–90% of large risks via treaty (automatic) and facultative (single-risk) placements. Retro market and ILS capacity supply the apex.
Multilaterals (PRI)
MIGA (World Bank), DFC (US), EBRD, ADB, AfDB, IDB, Sinosure, ECGD/UKEF and other ECAs underwrite political risk and trade credit for cross-border mining and metals investment. Often tenors and capacity unavailable in private market.
P&I clubs (marine liability)
13 International Group clubs mutually own General Excess of Loss reinsurance; vessel owners obtain liability cover (pollution, crew, third-party). Metal cargo claims subrogate via the carrier's P&I club — the apex of marine liability capacity.
06Typical exclusions & post-loss carve-outs
TSF carve-outs (post-Brumadinho)
Many global reinsurers fully exclude TSF from Operational Mining; standalone TSF cover requires GISTM compliance, ITRB sign-off, ANM 13/2019 compliance in Brazil, dam-break analysis, sub-limit (US$ 50–250m), high deductible. Upstream-method dams largely uninsurable in the private market.
Terrorism & political violence
Excluded from standard PAR; covered through standalone Terrorism (LMA T3 / T3A wordings) and Political Violence (LMA PV wordings). State terrorism schemes (Pool Re UK, TRIA US, Spain Consorcio) provide reinsurance to private market in many jurisdictions.
Pandemic / communicable disease
Universal exclusion from BI since COVID-19. UK FCA Supreme Court test case (Jan 2021) settled the existing-wording dispute; subsequent wordings explicitly exclude communicable disease and government order. Standalone parametric covers exist but are narrow.
Cyber war exclusion (LMA 5400 series)
From 2023, all Property and Cargo wordings carry a state-backed cyber exclusion (LMA 5400/5401/5402/5403). State-attributed cyber events (whether or not declared war) are excluded; attribution is the contentious clause — typically based on government statement or industry consensus.
Climate & ESG carve-outs
Growing list of "ESG conditions precedent": coal-bearing assets excluded by ~30 major (re)insurers; thermal coal mining and coal-fired generation outright unwritten by many. Lloyd's 2022 ESG market framework; UN-convened Net-Zero Insurance Alliance (paused in 2023 but principles persist).
Sanctions clause (universal)
Every commercial policy carries a sanctions limitation and exclusion clause (LMA 3100 / 3200 series): no cover, payment or service if doing so would expose the (re)insurer to a sanction under UN, EU, UK, US (OFAC) law. A material change in the sanctions list during the period of insurance can suspend cover for affected exposures.
Live metals risk, insurance & mine-safety news
Filtered for tailings, mine incidents, insurance market, regulator updates, claims litigation. Refreshed 4× per business day.
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