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 & Mineral 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.