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-~ III IIIIIIIIIIIII III <br />• MINREC, INC. 999 <br />2768 COMPASS DRIVE, SUITE 101 <br />GRAND JUNCTION, COLORADO 81506 <br />PHONE: (303) 245-4101, FA 242-7908 <br />BLUE RIBBON MINE <br />May 26, 1993 <br />RF~E~ ~~r <br />c. E. Johnston JU/y 1 199 <br />Division of Minerals and Geology ,~ <br />DenverheCOa80203 ~ Room 215 Divigip~ of hfi,~e~~,s Q ~e~'~yy <br />Re: Insurance Certificates <br />Permits C-81-047, C-81-039 b C-81-025 <br />Dear Ms. Johnston: <br />The Division's letter dated May 6th noted some concerns with regard to <br />the public liability insurance policy which covers the Blue Ribbon Mine, <br />Red Canyon Mine and North Thompson Creek Mine. Enclosed are revised <br />certificate of insurance forms which are issued separately for each <br />permit. The Division is concerned that it has no way of verifying that <br />the minimum insurance coverage is maintained for each operation because <br />Minrec is an additional insured and SEM Construction Company is the <br />insured. The Division's concerns may be valid, however the requested <br />fix, to list Minrec as the insured will not alleviate the Division's <br />concerns for the following reasons: <br />1. SEM Construction Company provides the liability insurance for the <br />mine sites. Minrec and the DMG are provided protection by being <br />named additional insured. <br />2. Any company could exceed its aggregate limits without the knowledge <br />of the Division. <br />3. Once aggregate limits are exceeded it does not matter if the company <br />is a named insured or an additional insured, there is no remaining <br />insurance coverage for the term of the policy period. <br />I believe the certificate of insurance forms do satisfy the requirements <br />of Rule 2.03.9(1) because they are ... "a certificate certifying that the <br />applicant has a public liability insurance policy in force..." and they <br />do meet the minimum insurance limits. <br />Please call if you have any questions. <br />Sincerely, <br />Gc«~ <br />Jim Stover, P.E. <br />Chief Engineer <br />