Until the catastrophic failure of the tailings dam at the in Brumadinho, Brazil which caused a tidal wave of 11.7 million cubic meters of mining waste, killing 270 people, most mining companies had been able to transfer part of their tailings exposure into the insurance market, be it through their General Liability, Property or Environmental Liability Insurance programs as there was no specific ‘tailings storage facility insurance’. Almost overnight, insurers were waking up to the full financial impact that a significant tailings failure can have on their business, resulting in a complete overhaul in underwriting guidelines. As a result of this, mining operators have experienced substantial premium increases and a decrease in insurance cover, and are now required to visually demonstrate their monitoring and governance of facilities.