Quarterly, page-34

IMO it's impossible to even guess on a likelihood or quantum of an insurance payout. I am certainly not an expert on mining insurances, but a standard industrial special risks (ISR) policy will contain an exclusion for things such as:

Physical loss, destruction or damage occasioned by or happening through:
(a) flood, which shall mean the inundation of normally dry land by water escaping or released from the normal confines of any natural watercourse or lake whether or not altered or modified or of any reservoir, canal or dam;
(b) water from or action by the sea, tidal wave or high water.

That is taken from some QBE ISR working (you can google it).

I suspect the negotiations with the insurer will hinge on the fact that the failure of the sea wall was not the result of flood or actions of the sea, tidal wave or high water, but the flooding was merely an after-event of the "physical loss, destruction or damage". I can see this being a very long and drawn out negotiation and therefore wouldn't put much value in the insurance at this stage.

Of course I could be completely wrong and the sea wall failure might be specifically covered....