VANCOUVER, BRITISH COLUMBIA, January 30 2007 – A new policy designed to give improved protection to mineral exploration companies was introduced today by Travelers Guarantee Company of Canada (“Travelers”) at the annual “Mineral Exploration Roundup 2007” symposium in Vancouver, British Columbia. The Roundup is the largest technical mineral exploration conference in the world and is hosted annually by the Association for Mineral Exploration British Columbia (AMEBC).
Travelers Mineral Exploration Policy helps junior mining companies and their executives deal with the multitude of exposures they face in their business stemming from mining-targeted securities regulations, kidnap and ransom threats prevalent in foreign operations, merger and acquisition risks, interactions with investors, employees, shareholders, governmental agencies and pension plan participants.
Specifically, the policy can provide the following coverages:
- Commercial property, including core and product samples;
- Commercial General Liability;
- Corporate Management Liability;
- Kidnap and Ransom
- Portable or mobile mineral exploration and surveying equipment; and
- Foreign Voluntary Workers Compensation and Employer’s Liability
“A burgeoning commodities market, growing market capitalizations, and recent securities legislation amendments have contributed to an increase in liability exposures for directors and officers, ” said Steve Smith, assistant vice president, Financial & Professional Services. “Our mineral exploration policy is tailor-made for junior mining companies and addresses the unique risks and exposures these companies face.”
Vancouver is the mining financing capital of the world and the Vancouver branch of Travelers Guarantee Company has underwriters, claim and risk control personnel with specialized expertise in the mining industry.
Travelers Mineral Exploration Policy is available from independent brokers located throughout Canada. For more information regarding this product and other products offered by Travelers in Canada, visit www.travelerscanada.com.
Travelers understands that life and business are inherently dynamic and that the best way to serve agents and policyholders is to deliver insurance that evolves to stay in-synch with life and business as they change. For more information on being in-synch, visit www.travelers.com.
Travelers is a business of The St. Paul Travelers Companies, Inc. (NYSE:STA), a leading property casualty insurer selling primarily through independent agents and brokers. The company’s diverse business lines offer its global customers a wide range of coverage in both the personal and commercial settings, including automobile, homeowners, construction, small business, oil and gas, ocean marine, financial and professional services, global technology and public sector services. St. Paul Travelers is ranked 85 in the Fortune 500, with 2005 revenues of $24.4 billion and total assets of $113.2 billion. The company has approximately 32,000 employees.Tags: Capgemini, Efma, InsurTech, World Insurance Report