Mining & Refining
Insurance.
Specialist insurance considerations for mining, refining and precious-metal businesses managing valuable materials across extraction, processing, storage, transportation and delivery.
Protecting value across the production chain.
Mining and refining businesses can manage valuable materials through multiple stages, from extraction and recovery through processing, refining, secure storage and eventual transportation to customers or downstream facilities.
Each stage can create different physical, operational, custody and concentration exposures. Specialist insurance arrangements may therefore need to reflect the complete flow of valuable materials rather than a single location or process.
Insurance considerations across the production chain.
Different production and refining activities can create different exposures. The applicable insurance structure depends on the individual operation, materials, facilities and controls.
Extraction
Valuable materials recovered through mining and extraction operations before processing or refining.
Processing
Material handling, sorting, concentration and other processing stages used to prepare valuable materials for refining.
Refining
Refining and recovery processes that transform valuable materials into higher-purity metals or commercial products.
Secure Storage
Controlled storage of concentrates, refined metals, bullion, samples or other qualifying valuable materials.
Transportation
Movement of valuable materials between production sites, refiners, storage facilities and approved destinations.
Final Delivery
Transfer of refined materials or qualifying products to customers, counterparties or downstream facilities.
Where mining and refining exposure can arise.
Valuable materials can be exposed to different risks as they move through production, processing, storage and transportation stages.
Material Concentration
Significant values may accumulate during processing, refining, storage or before scheduled shipment.
Processing Exposure
Valuable materials can pass through multiple processing stages involving machinery, handling and controlled areas.
Secure Storage
Storage of concentrates, refined metals or bullion may require specialist physical and procedural security.
Custody Transfers
Responsibility can change between production teams, contractors, custodians, carriers and receiving parties.
Transportation
Route, carrier, packaging, security and delivery procedures can influence the transit risk profile.
Valuation
Market values, inventory records, production volumes and valuation methodology can be relevant to underwriting.
From raw material to refined value.
The movement of valuable materials can involve multiple stages, facilities and custody arrangements.
Extraction
Recovery of valuable material from the source.
Processing
Separation, concentration and material preparation.
Refining
Recovery and production of refined metals.
Verification
Testing, weighing, grading and documentation.
Storage
Controlled holding before commercial movement.
Delivery
Transfer to an approved commercial destination.
Different materials, different considerations.
The materials handled by mining and refining businesses can vary significantly in value, form, concentration and processing method.
Gold
Gold-bearing materials, refined gold and qualifying gold products held or processed during commercial operations.
Silver
Silver-bearing materials, refined silver and eligible silver inventories within the production and refining chain.
Platinum Group Metals
Eligible platinum, palladium and related valuable materials subject to individual risk assessment.
Concentrates
Valuable concentrates held during processing, transfer, temporary storage or shipment.
Refined Metals
Refined precious metals held before sale, allocation, transportation or downstream processing.
Specialist Materials
Other qualifying high-value materials where specialist insurance consideration may be appropriate.
Insurance considerations across connected operations.
Mining and refining businesses often interact with dealers, logistics providers, storage facilities and downstream customers.
Mining Businesses
Operations involved in extracting and recovering valuable materials before processing or refining.
Refiners
Businesses processing valuable materials into refined metals or commercial products.
Bullion Dealers
Commercial counterparties purchasing, selling or holding qualifying refined precious metals.
Logistics Providers
Specialist transportation and custody providers moving valuable materials between authorized locations.
Secure Storage
Vaults and controlled facilities holding concentrates, refined metals or other qualifying assets.
Downstream Businesses
Manufacturers and commercial businesses receiving valuable refined materials for further use.
Building controls around valuable production.
Insurance can form one part of a wider risk-management strategy. Controls should reflect the materials, processes, values and operating environment.
Inventory Reconciliation
Maintain accurate records of material received, processed, refined, stored and released.
Controlled Access
Restrict access to valuable materials, processing areas and secure storage locations.
Process Controls
Maintain documented procedures for material handling, weighing, testing, processing and reconciliation.
Security Monitoring
Use appropriate surveillance, alarms and monitoring across relevant facilities and secure areas.
Custody Controls
Document material transfers between employees, contractors, carriers, custodians and customers.
Shipment Controls
Establish appropriate procedures for packaging, transportation, tracking and delivery of valuable materials.
The details behind the production operation.
Clear operational information can help insurers understand the production process, material values, facility controls and transportation arrangements.
Business & Production Information
- Nature and scale of mining or refining activities
- Materials and metals handled
- Production volumes and values
- Processing and refining stages
- Maximum material accumulation
- Historical loss or claims information
Security & Operational Controls
- Facility security arrangements
- Access controls and authorization procedures
- CCTV, alarms and monitoring
- Inventory and reconciliation procedures
- Storage and transportation arrangements
- Emergency and incident procedures
Explore related insurance solutions.
Mining & Refining Insurance FAQs.
What is mining and refining insurance?
Mining and refining insurance refers to insurance arrangements designed around eligible risks associated with mining, processing, refining, storage and transportation of valuable materials. Actual protection depends on the insurer, policy wording, limits, conditions and exclusions.
What types of materials can potentially be considered?
Depending on the operation and insurer, arrangements may consider qualifying gold, silver, platinum, palladium, concentrates, refined metals and other valuable materials.
Can refined metals be covered while stored?
Certain storage exposures may be considered depending on the facility, security arrangements, values, custody structure and applicable policy terms.
Can valuable materials be covered during transportation?
Certain transit exposures may be considered depending on the material, value, route, carrier, packaging, custody structure and applicable policy wording.
Why are production and inventory records important?
Production, inventory and reconciliation records can help establish the quantity and value of materials handled and provide supporting information for the underwriting assessment.
Can third-party storage or custody be considered?
Certain third-party storage and custody arrangements may be considered depending on the provider, contractual structure, security controls, values and applicable policy terms.
What information is useful when requesting a quotation?
Useful information can include the business model, materials handled, production volumes, maximum values, facility details, security arrangements, storage procedures, transportation arrangements and previous loss information.
Does this page guarantee that a mining or refining business will be insured?
No. This page provides general information only. Whether a particular operation or risk can be insured depends on the insurer, underwriting assessment, policy wording, limits, conditions, exclusions and applicable jurisdiction.
Discuss Your Mining & Refining Risk.
Provide details about your production process, materials, inventory values, facilities, storage arrangements and transportation procedures so the risk can be considered in context.