Given that insurance premiums have recently significantly increased while the insured value has dropped approximately between $200-$300k per operating tailings storage facility, insurers can afford to be very selective in where to put their capacity. In order to secure a satisfactory insurance renewal outcome, mining companies will need to: • be transparent in the assessment of risks as cover is based on risk-adequate prices and conditions • make risks quantifiable by fulfilling its obligation to do whatever is necessary to avoid an incident from occurring, as the insurance industry is only willing to assume risk that is assessable • show that the facility adheres to certain standards and is compliant • meets the industry’s public disclosure requests (such as the Investor Mining and Tailings Safety Initiative/Church of England) • work with underwriters on third-party engineering reports (audit reports and dam break analysis) • follow-up on any resultant risk recommendations from the audits • comment proactively on any outstanding recommendations as highlighted within each third party audit or report, including status updates and anticipated timeline to completion • include their own in-house geotechnical engineers and tailings management group in the insurance placement process