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What is Geoscience Consultants Insurance

geoscience consultants insurance

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.

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:

Professional Indemnity

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.

Workers’ Compensation

This coverage is mandatory where you have hired employees, but could be beneficial for operations with Sub-Contractors and/or Working Directors.

Public Liability

This cover protects against claims made for property damage and personal injury to third parties caused by your negligent acts.

Property Insurance

Property and contents coverage for your business equipment, tools of the trade and office contents (with the option to extend to Worldwide, if required).

Corporate Travel

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.

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

Hydrogeology

Petroleum

Environmental Geoscience

Coal

Geotechnical & Engineering Consulting

Regional Geoscience

Information Geoscience

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.

Worldwide Coverage

What many clients are unaware of is the two different types of international clauses that impact their policies:

  1. Geographical Limits (Territorial Limits): This relates to the location where the Professional Activity is being performed.
  1. 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.

General Property

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.

Corporate Travel

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.

Geoscience Consultants Testimonials

Riverside Resources Inc.

Travis does excellent work in designing insurance that fits diverse clients and diverse needs. We have used their insurance for three years and it has provided solid coverage.

John-Mark Staude
CEO & President

First Line Consultants, Ltd

Travis is my “go to” mining expert in the insurance industry. I have contacted Travis a number of times to provide quotes to public and private mining companies with coverage options ranging from straight D&O, through to a full suite of coverages including active mine and overseas kidnap coverage. Travis is well versed in risk management and has assisted in evaluating the coverage options, providing cost comparative analysis in simple terms that are tailored to the mining sector.

David WJ McAdam
President

R. Anderson & Associates Inc.

Travis and his group has been providing insurance to our junior mining companies for several years and he has provided us with outstanding service over that time. He is extremely knowledgeable in his field, is very personable and I would not hesitate to recommend him and his team for business or personal insurance needs.

Robert Anderson
Principal

Endeavour Silver

"Travis was always good at being straight up with answers and getting information for us and presenting it in a way that was clear and concise."

Godfrey Walton
President and Chief Operating Officer

Contact Info

Street Address:

Level 18, 140 St. Georges Terrace, Perth, WA, 6000

Postal Address:

PO Box Z5102, St. Georges Terrace, Perth WA 6831

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