Coverage for Resource Estimates & JORC / MI 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.