Arising from the blindside cash grab being perpetrated by the Queensland Government against the coal industry in Queensland, there may be some potential concessions for producers on their insurance programs.
Now we are through the full Financial Year for 2022, we lift our eyes to the year ahead having generally overcome a lot of market challenges in the last couple of years; now to only face even more.
The recent report ‘Global trends in climate litigation: 2021 snapshot’ by the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science found that climate change litigation cases have been significantly increasing during the past six years.
Focus: Methane Events and Labour Hire engagement in Safety
The Queensland Government established the Board of Inquiry (Board) in May 2020 after a serious accident at the Grosvenor mine, and a series of other high potential incidents (HPIs) at underground mines in the State between 1 July 2019 and 5 May 2020.
The Board was tasked with examining methane exceedance HPIs at Grosvenor, Grasstree, Moranbah North, and Oaky North underground coal mines.
As part of its work, the Board also considered the impact of labour hire in the mining industry and the perception that labour hire workers were unwilling to speak up about safety issues.
This class of insurance is specifically designed to respond in the event of an insured business, its employees, directors and officers inadvertently breaching an Act of any Australian Parliament by covering defence costs and fines or penalties issued against the business or individuals.
Governments are constantly legislating new laws or amending current legislation to place greater deterrents on businesses with subsequent fines increasing and in some instances being linked to current Consumer Price Index (inflation) levels.