Your trusted industry experts
Tailored guidance for natural resource businesses
From exploration to transportation and processing, we understand natural resource businesses operate in a complex risk environment that is continuously evolving. Our expert advisors will recommend competitive coverage solutions to reduce your risks, while keeping your equipment, operations, and your people protected.
As your trusted insurance broker, we’ll work as an extension of your team. We’ll guide your natural resource business through risk management strategies, advocate on your behalf in the event of a claim, and provide ongoing support for your coverage program.
Natural resource insurance solutions
A comprehensive approach to complex risks
Navacord has been supporting companies in Canada’s natural resources sector for decades. Partnering with leading Canadian and global insurers, we build tailored insurance and risk management solutions to help protect your bottom line.
With knowledgeable experts who understand the realities of natural resources businesses, we’re well-equipped to deliver the comprehensive coverage you need. We’ll review key areas of your operations and provide practical loss-control strategies.
Who we help
We work with a wide range of organizations within the natural resources industry. Our deep expertise in mining, forestry and energy sectors means you can rely on us to provide coverage and advice that is specific to your industry needs.
We work with mining and mineral exploration companies, mining engineers and consultants, and mining suppliers and manufacturers. We deliver mining coverage for a variety of operational risks including property and equipment damage, environmental liability, business interruption, and more.
We help protect logging companies, sawmill operations, and wood treatment facilities by addressing the operational risks associated with their forestry and logging activities. This can include coverage for fire, equipment breakdown, property damage, environmental liability, product liability, and business interruption.
From field assets and equipment to facilities, we help protect companies in the energy, oil and gas, and renewable energy sectors from an array of risks. This could include operational risks related to transportation, environmental exposures, infrastructure, business interruption, and more.
Our natural resources insurance experience
Canadian natural resources companies rely on Navacord for our diverse experience across the sector. We help mining, forestry, and energy businesses cover every detail of their operations so they can focus on the bigger picture.
We deliver coverage for facilities, buildings and other physical assets against damages from fires, extreme weather, other unexpected events.
We protect your specialized equipment from damage, breakdown, theft and other risks that can interrupt your operations.
Our coverage helps protect your employees and business from liability claims and other employment-related risks.
Coverage can lessen the financial impacts of spills, contamination, environmental damages and other pollution-related claims.
Covering your operation
Essential coverages for natural resources
Companies in the natural resources industry face a distinct set of complex risks. Our natural resources insurance program is designed to address these risks head-on. It features tailored coverage to safeguard your property and equipment, protect your people, and reduce your pollution risk. Here is a breakdown of the key coverages your policy is likely to include.
- Property and equipment insurance
Property and equipment insurance
This covers your physical assets such as buildings, equipment, upgrades and inventory. It can provide protection from unexpected events such as fire, water damage, theft, and vandalism.
Property/equipment floater
Commonly used by businesses that regularly move equipment between jobsites, this insurance covers equipment while it is being transported, used or stored at different locations.
- Equipment breakdown
Equipment breakdown
Protect your essential equipment from unexpected failures. This helps cover repair or replacement costs for equipment damaged by mechanical or electrical failures. It also includes protection for damaged stock and business income loss.
- Business interruption
Business interruption
This helps cover lost income and operating expenses if an unexpected event forces your business to temporarily stop or reduce its operations. Additional coverage is available to help cover losses due to supplier or location disruptions that impact your operations.
- Directors and officers
Directors and officers
If your directors and officers face allegations of wrongful acts in their management of the business, this can protect their personal assets and help cover legal expenses.
- Employment practices
Employment practices
This helps protect your company from employee claims for a variety of employment-related issues. It is especially important for companies involved in high-risk operations.
- Commercial general liability
Commercial general liability
Helps protect your business against third-party claims of bodily injury or property damage arising from your operations, whether at your premises, project sites or elsewhere.
- Cyber Insurance
Cyber Insurance
Cyber insurance can provide coverage for certain costs and liabilities arising from data breaches, cyberattacks and other covered cyber incidents, including certain business interruption losses.
Pollution liability
Essential for businesses facing environmental risks, this insurance helps manage the financial impact of pollution incidents that cause contamination, third-party injury, or property damage.
Learn from our natural resource insurance experts
"Natural resources businesses operate in complex environments where operational, environmental and liability risks often overlap. The value of an experienced advisor is understanding how those exposures connect, identifying potential gaps and building an insurance program that supports the business when a significant loss occurs.”
FAQs for natural resources
Your insurance requirements will vary depending on your specific industry and location. Certain contracts and regulations may also require proof of specific types of coverage. Our expert advisors can help you determine what coverage your natural resources business needs to meet your local regulations and minimize your risk.
Natural resources insurance is a suite of coverage designed to protect your business from the industry’s most common risks. It can include property and equipment coverage to protect your physical assets and machinery from damages and malfunctions. It can feature liability coverage to safeguard your business from third-party claims related to injuries or pollution. It can also include coverage that protects your key personnel, and cyber insurance to shield your business from cyber-related incidents.
The cost of your natural resources policy will depend on several factors including the size and location of your operations, the nature of your business, as well as the equipment you use, and your environmental exposure. It will also be determined by the coverage options and limits you choose, and your insurance history. Because every operation has unique risks, we’ll help build a coverage plan that is tailored to your business.
While every natural resource business is unique, they often have many of the same risks. A reliance on equipment means any damages or breakdowns can lead to costly repairs, business interruptions and income losses. Natural resource businesses may also handle hazardous materials or be exposed to significant environmental risks. Like many other industries, companies in the natural resources industry can be vulnerable to cyber threats. Directors, officers and executives also face risks related to their management roles and employment practices.
Natural resources insurance policies often include pollution liability coverage which helps your business handle the financial impact of environmental damages. It can help cover costs for contamination cleanup, third-party injury, and property damage caused by pollutants. If your business handles hazardous materials or has potential environmental risks, you should speak with an advisor to ensure you have the right pollution liability protection in place.
