Uninsured sectors, such as small-scale miners, can now avail of insurance through a package designed for exclusively for pocket miners.
Cebuana Lhuillier Insurance Brokerage, Inc. (CLIB) introduces Cebuana Lhuillier Miners Protect, the first and only insurance policy in the Philippines designed for miners, who have long been identified as an uninsurable sector.
Officials and members of the Benguet Federation of Small Scale Miners, Inc. (BFSSMI) are the first applicants for Cebuana Lhuillier Miners Protect insurance policies followed by the Sugalan Clan Small-Scale Mining Association in Tuba, Benguet.
CLIB is targeting to cover at least 20,000 miners nationwide with an estimated minimum premium of P4 million.
As a general rule, mining has always been excluded by insurance companies due to its high-risk potential. That means this sector has no insurance coverage to protect the miners and their families from whatever unfortunate incident that may arise in the performance of their duties.
According to planetgold.org, small-scale mining is a lucrative business but is also a very risky occupation. In the Philippines, small-scale and pocket mining is practiced in more than 30 provinces, employs up to 500,000 miners, and supports the livelihood of another two million people across the nation.
The undeniable hazards and dangers that small-scale and pocket miners face in their line of work are the reasons why they need insurance. However, the high risks the job involves are the very reason why insurance companies in the Philippines have been reluctant to provide these workers with the protection they need and deserve.
CLIB developed the insurance with the intent to contribute to the small-scale mining community, as it understands the plight of small-scale miners.
Cebuana Lhuillier Miners Protect features in- and out-of-mining area insurance coverage for eligible miners from 18 to 60 years old in cases such as personal accidents, including dismemberments and/or disablements. It also provides benefits for death due to sickness and old age and even offers cash assistance provisions for fire and other emergencies.
“Our mission at Cebuana Lhuillier is to ensure financial inclusion for every Filipino, regardless of their occupation. We believe that every individual deserves the opportunity to improve their way of life, and that includes having access to comprehensive insurance coverage. Our advocacy is rooted in reaching everyone, without any exceptions or exclusivity. We are committed to empowering and protecting the entire Filipino community, one person at a time,” Cebuana Lhuillier President and Chief Operating Officer Jean Henri Lhuillier said. – Chele Mendoza