As an insurance leader in the Geoscience Consulting space and the insurance partner of choice for the Australian Institute of Geoscientists (AIG), KBI partners with our clients to customise insurance programs that fit the operations of Geoscience/Geological Consultants.
What Coverages are Available?
We consider each client’s operations, activities, size and contractual requirements to arrange specialised coverage that make sense. See below for a brief snapshot of the coverages available to you:
This cover protects against claims that are caused by your professional advice which may give rise to a financial loss.
Personal Accident & Sickness
Assists in the financial loss resulting from permanent disability or death caused by accidental injury, or temporary disablement due to an accident, injury or sickness.
Directors’ and Officers’ / Management Liability
This cover is designed to protect the directors, officers, managers and employees against legal action from shareholders, employees, regulators, creditors, competitors, liquidators and others.
This coverage is mandatory where you have hired employees, but could be beneficial for operations with Sub-Contractors and/or Working Directors.
This cover protects against claims made for property damage and personal injury to third parties caused by your negligent acts.
Property and contents coverage for your business equipment, tools of the trade and office contents (with the option to extend to Worldwide, if required).
Annual combined Business & Leisure coverage while travelling around Australia or Overseas – includes coverage for medical expenses and baggage/contents.
Kidnap & Ransom
Protection and assistance in the case of kidnap, ransom, extortion, and detention, while operating both overseas and locally.
Geoscience/Geological Operations that are Included?
We understand that the Geoscience/Geological Consulting space is a diverse and complicated industry. In saying that, we have customised coverage to suit the various types of Geoscience Consultants in Australia, including the following:
- Geological Consulting
- Geophysical Consulting
- Mineral Exploration
- Mining Consulting
- Environmental Geoscience
- Geotechnical & Engineering Consulting
- Regional Geoscience
- Information Geoscience
What are the key benefits to Geoscience/Geological Consultants?
Coverage for Resource Estimates & JORC / NI 43-101 Reports
Our Professional Indemnity policies automatically extend to include coverage for losses/claims arising out of Resource Estimates, JORC Reports and NI 43-101 Reports, as long as such estimation is provided in total adherence to the JORC, NI 43−101 or Valmin Codes, where applicable.
What many clients are unaware of is the two different types of international clauses that impact their policies:
- Geographical Limits (Territorial Limits): This relates to the location where the Professional Activity is being performed.
- Jurisdictional Limits: This relates to the location/jurisdiction of the court where a claim is brought up, even if the operation was geographically based in a different location
Depending on the activities of each consultancy, we will design the Geographical and Jurisdictional limits to suit their individual requirements.
Coverage for Underground Work
If your operations include working underground, it is important to ensure that your insurance (especially your Public Liability policy) extends coverage for underground activities. We work closely with market leading insurers to specialise these policies and extend cover where necessary.
Certain underground operations (incl. Manual Labour, etc.) may fall outside of our usual offerings, however, we are able to approach various specialist markets to find coverage options in these scenarios.
Depending on your specific needs and possible contractual requirements, this could be important coverage for your business:
- Worldwide coverage for your business property, including phones, tablets and computers.
- Worldwide coverage for tools of the trade, field equipment and other business equipment.
- Short-term coverage available for hired equipment.
As business travel is a key part of the regular operations of many consultants, KBI works closely with Australia’s leading Travel Insurers to provide comprehensive coverage tailored to your activities. Some of the important benefits and coverages include:
- 24/7 Emergency Response
- Extended Coverage to Accompanying Partners and Dependent Children of the Insured
- Coverage for Overseas Medical Expenses
- Coverage for Loss of Luggage and Personal Contents (incl. Computers and Electronic Equipment)
- Coverage for Loss of Deposits and Cancellation Expenses
- Kidnap, Detention, Extortion and Ransom cover
- Hire Car Excess Expenses
- Security Evacuation Cover
Run-Off Coverage Available if Operations Cease
When deciding to cease operations, whether it is due to retirement or other circumstances, the possibility of future losses and lawsuits being made against previous activities should be kept in mind.
A Professional Indemnity claim may be brought against you many years after the professional service was provided. As these policies are claims made and notified policies, the claim must be made against the insured and reported to the insurer during the policy period in order to trigger the policy.
The importance of run-off cover is reinforced by the statute of limitations for suits being brought up against past actions: a six-year statute of limitations. This allows a party to bring an action against you for a period of six years from the date the loss or damage is sustained.
The option of run-off cover is an effective way to provide protection for yourself and your business in these situations.
Why should I contact KBI?
At KBI we have leveraged our networks, strong relationships, and our insurance/risk management knowledge of the geological consulting industry to customise insurance solutions to benefit Geoscience/Geological professionals.
As the insurance partner of choice for the Australian Institute of Geoscientists (AIG), we have access to market leading coverages that are tailor-made to Geoscience/Geological Consultants. We work closely with our clients to understand their individual needs and provide solutions in a process that is hassle free and straight forward.