A wide variety of minerals and resources reside in the earth, such as coal, gravel, clay, gypsum, sandstone and mineral derivatives (e.g. tin, lead).
Building on mineral-rich land can prevent or impede extraction and may amount to trespass if another party claims to have rights to those minerals.
What is a Mines & Minerals Indemnity Insurance policy?
It provides cover against the enforcement of mining and mineral extraction rights where a property is – or may be – subject to exceptions or reservations of mineral rights beneath the land.
Who is a Mines & Minerals Indemnity policy for?
The policy protects the purchaser, lender and their successors in title, should a third party exercise their mines and/or mineral rights.
The policy will cover financial loss which may arise if the rights are exercised, including the cost of attempts to legally challenge the excavation.
What information do I need to provide for a quotation?
- Official Title Register and Plan
- Minerals search carried out on the development site. Ensure this provides an up-to-date ‘clear’ mining/minerals search (as appropriate) confirming the property is not affected by current or potential future mining works.
- Planning Permission (if obtained)
- Full objection(s) correspondence raised at Planning
- Has there been any conversations with any third party(ies) about the risk that cover is required against?
Shield your ambulance business with Management Liability Insurance
Read these real-life claims cases to find out how Management Liability Insurance can protect your ambulance business
What is Agreed Value For Car Insurance?
Agreed Value Car Insurance is an alternative way of settling a claim when a vehicle is deemed a total loss. Read on to find out who it’s for