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Joint venture agreements between partners in the mining and exploration industry can be incredibly varied and complex. A successful partnership relies on solid and reliable information and communication between the partners. Unfortunately, sometimes things go wrong and vital information or analysis – on which expensive investment and operational decisions are taken – can turn out to be incorrect. And it’s then that lawsuits can be brought by joint venture partners.
However for the very first time, mining and exploration companies are now able to protect themselves from litigation brought by joint venture partners thanks to unique Operators’ Liability Insurance coverage from Axis Insurance Managers Inc. & Ironshore Canada.
Joint venture agreements are common in mining and exploration. Typically created between the owners of mining claims and an operating company, these agreements provide a foundation for exploration and mine development. Regrettably suits can be brought by joint venture partners at a later stage – for example if the operator has provided information or evaluation that turns out to be wrong, but on which the partner has relied to make a decision or further investment.
These types of lawsuit can generate a significant exposure to loss that is not normally covered by insurance – but thanks to this innovative coverage from Axis Insurance Managers Inc., mining and exploration companies can rest safe in the knowledge that they are protected.
Operators’ Liability Insurance is delivered by Axis Insurance Managers Inc. as part of its D&O (Directors and Officers Liability) Insurance and can be purchased without disturbing any existing insurance. It is available to companies operating worldwide.