Sustain your ambition
Regardless of the commodity you produce, you know that it takes careful planning to achieve your goals. Your eye is continuously on the balance sheet as you contend with a wide range of operational and regulatory considerations.
Whether you are operating in Canada or abroad, insurance for your operations has changed. Today, you have to deal with increased costs, reduction in capacity and tightening terms and conditions. As always, the potential for major incidents must be considered and proactively managed.
BFL CANADA provides creative and custom risk management solutions, which are designed to help you navigate an increasing number of risks. Your business is then enabled to focus on increasing shareholder value, growing your bottom line and improving the net present value of projects.
Discover your coverage solutions
Our experienced team is passionate about mining and we pride ourselves as being an extension of your risk management process.
Having developed an expertise in the mining sector, we can take some of the pressure off. We are able to properly assess and reduce your exposure to risks that could have a significant impact on your business and result in financial losses.
Based on an extensive risk assessment and our knowledge of the mining industry, our skilled brokers work with our in-house risk specialists to deliver unmatched and tailor-made protection. This contributes to operational resiliency and proactive and continuous risk improvement.
Provides you with protection against third-party lawsuits arising out of your operations. It covers your defence costs and indemnifies third parties for incurred damages. General liability policies can provide sudden and accidental pollution coverage.
DIRECTORS AND OFFICERS LIABILITY AND EXECUTIVE RISKS
While you may have performed your duties diligently, directors and officers face a challenging regulatory and legal environment. TSX, TSX-V, US listed and even non-reporting OTC companies are increasingly the target of lawsuits from shareholders, employees, securities commissions, competitors and even plaintiff lawyers.
This insurance protects your corporate entity and its directors’ and officers’ personal liability from third-party lawsuits and defence-related costs. Coverage should include employment practices liability, environmental liability defence costs, outside directorship liability and more.
PROPERTY AND MACHINERY BREAKDOWN
Covers your physical assets from perils such as fire, flood, earthquake and the internal derangement of the equipment you rely on for your operations.
Covers your business in the event of a disaster resulting in the reduction or cessation of your operations. The policy indemnifies you for loss of revenue related to an insured event and the resultant costs to resume operations. Business interruption can allow you to keep the lights on, retain staff, continue making debt/interest payments and maintain exploration activities.
ENVIRONMENTAL IMPAIRMENT LIABILITY
Insures you against the risks and the costs related to pollution events including decontamination and clean-up costs, as well as liability for on and off-site pollution events, and resulting third-party and governmental litigation.
Specie, bullion, dore bullion and concentrate are typically excluded under most property and cargo insurance. You may need this coverage should you be partly or fully responsible to insure valuables at your facility or while in transit – even if insured by your armored transportation company.
CONSTRUCTION (Course of Construction/Wrap-up)
This insurance provides tailored coverage for the owner of a construction project while simplifying risk management and decreasing insurance costs:
Course of Construction insurance
Covers physical damage or delay in start-up (DSU or “Advanced Loss of Profits”) for a variety of mining-related activities, on either refurbishments or new projects.
Covers all interested parties in a specific construction project under a single policy for third-party liability claims.
Insurance contract review
Is a significant part of risk management and an important advisory service provided by BFL CANADA on construction projects.
Other insurance available for projects includes:
- Contractor’s pollution liability
- International project insurance
- Project specific errors
- Marine Delay in Start-up
- Omissions insurance
Protects your assets at home and abroad against geopolitical risks resulting in confiscation, expropriation, political violence/terrorism/war, government frustration, inconvertibility of foreign currency or inability to repatriate funds.
KIDNAP AND RANSOM
Covers costs associated with a kidnap for ransom, extortion, detention or hijack incident. It also covers specified costs associated with the overall impact of an incident — even when there is no ransom paid — such as fees for negotiators, lawyers, security guards, accident/death benefits, repatriation and other medical costs.
WORKERS’ COMPENSATION AND EMPLOYERS’ LIABILITY
Employers’ Liability Insurance is often packaged with Workers’ Compensation Insurance. Coverage ensures employers are protected from a potential financial loss if a worker has a job-related injury or illness and it is not covered by your Workers’ Compensation policy or if employee elects to take legal action against his employer.
One of the most important aspects of running your business is keeping your employees safe at work. In the United States, Workers’ Compensation Insurance is state-mandated coverage that provides compensation for lost wages and medical benefits to workers injured in the course and scope of employment.
INTERNATIONAL ADMITTED PLACEMENTS
Designed to help you operate in foreign countries and meet local legal requirements. This structure helps you be compliant and recognize claim payments within local jurisdictions. Some countries have long lead times for obtaining documentation, and knowledgeable international brokers can help you manage these timelines so you can meet your business objectives. BFL CANADA has the ability to deliver insurance programs in 140+ countries.
Enables you to guarantee the performance of environmental obligations without relying on letters of credit or restricted cash, through an off-balance sheet and unsecured guarantee.
Surety bonds can also be used for many different types of regulatory or contractual obligations where restricted cash or letters of credit are requested to guarantee performance, such as bid bonds, labour and material payment bonds, utility bonds, maintenance bonds, lien bonds, etc.
Risk Control Engineering
BFL CANADA’s experienced risk control engineers provide risk control services for all our mining clients.
Through a combination of onsite visits and desk reviews, we assess your operations and assets from the mine through processing to product shipment and tailings storage. This enables us to identify and address any gaps in protection through risk improvement or financial transfer.
Our proven continuous risk control improvement process can improve your risk profile and insurability while lowering loss potential by reducing physical damage and potential interruptions to your operations.
Representatives available across Canada
The BFL CANADA advantage in a competitive market
BFL CANADA has achieved extraordinary growth because of our consistent ability to perform and deliver due to our expertise, professionalism and dedication, as well as our entrepreneurial culture. This culture and work ethic have driven our growth and has attracted organizations where we can establish meaningful partnerships.
WHY DOING BUSINESS WITH BFL CANADA IS IN YOUR BEST INTEREST?
We are insurance brokers, we don’t work for an insurance company.
- We negotiate on your behalf to get the best protection, rate and deductibles.
- We work with you to develop tailor-made solutions adapted to your reality.
- We deal with all major insurers that specialize in your industry.
- We have offices across Canada to meet your local needs and partners in over 140 countries for your global ambitions.
- We are solution seekers for companies of all sizes and every industry.
At BFL CANADA, we help our clients get peace of mind. Most insurance policies require various insurance companies to share the risk. As your insurance broker, we are able to canvass the insurance marketplace, approach financially sound insurers and always act in your best interest.