BX Reserve
A private English desk for mining, insurance, credit, energy, and the other expensive lines.
BX Reserve publishes original long-form guides on mining royalties, commercial insurance, reinsurance, private credit, commercial property, LNG, hospital finance, cyber insurance, marine cargo, and allocated gold. We are not a miner, insurer, lender, broker, or dealer. 10 desks, with exclusive features on each.
Extraction
Read the royalty statement before the ounce
Underwriting
The property schedule is the policy
Counsel
A litigation budget belongs before the filing
Holdings
A cap rate is not the cash you can spend
Hydrocarbons
A mineral royalty is not a working interest
Credit
Covenant headroom is the real limit
Extraction
Royalties, offtake, and the line under a mining ounce.
- Read the royalty statement before the ounce
- A lithium offtake is a contract, not a headline grade
- Copper concentrate penalties sit under the headline payable
- A gold stream is not a quieter equity ticket
- The closure bond is a cost while the pit is still open
- An offtake prepayment is debt with a metal mask
- Grade control is the resource the mill actually sees
- A streaming buyback is only real if it is funded
- A permit date is a model input, not a press-release month
- Concentrate freight belongs inside the NSR, not under it
Underwriting
Schedules, towers, and the sentence under a commercial premium.
- The property schedule is the policy
- A directors and officers tower fails at the drop-down
- A captive is a balance sheet, not a discount code
- Treaty wording is the insurance behind the insurance
- Business interruption is a period of time, not a lost invoice
- A cyber sublimit inside a property form is a small door
- Builders risk has to know which tower is rising
- Key-person cover is a business contract, not a family policy
- Claims-made and occurrence do not cover the same year
- The premium audit is the real price
Counsel
Budgets, seats, and the invoice under a legal strategy.
- A litigation budget belongs before the filing
- A success fee needs a definition of success
- Privilege can thin when the insurer is in the room
- The seat of arbitration is a cost centre
- An IP indemnity in a services contract is a balance-sheet item
- A break fee is the price of walking away
- Outside-counsel guidelines are part of the fee
- Settlement authority should be a number, not a mood
- A discovery vendor estimate is a forecast with a unit price
- A judgment is not cash until enforcement is priced
Holdings
Cap rates, leases, and the cash under a commercial building.
- A cap rate is not the cash you can spend
- A tenant-improvement allowance is a loan that looks like a gift
- A ground lease ends, and the building can go with it
- Debt yield is the lender's quiet covenant
- Percentage rent needs a definition of sales
- An estoppel is the tenant speaking before you buy
- CAM reconciliation is where the recovery leaks
- A lease guaranty is only as useful as the guarantor you can reach
- Phase one is a start, not a clean bill
- The lease should say who insures the building
Hydrocarbons
Royalties, tolling, and the barrel under a contract.
- A mineral royalty is not a working interest
- An LNG toll is a capacity contract
- A hedge is a contract with a margin call
- Abandonment is a liability while the well still flows
- A dedication can outlive the price you liked
- Take-or-pay means you pay for the molecule you do not take
- A reserve report is true on a date, under a price deck
- A joint operating agreement decides who can spend
- Gas balancing is a debt between partners
- Decommissioning security has to be an asset a regulator can use
Credit
Covenants, borrowing bases, and the cash under a private loan.
- Covenant headroom is the real limit
- PIK interest is still debt
- A borrowing base moves when the collateral does
- An equity cure is a limited cheque
- The intercreditor agreement decides who gets paid in a wreck
- An origination fee is part of the cost of funds
- A delayed draw is a promise with a ticking fee
- A covenant is tested on a definition, not on a feeling
- Sponsor support is only a contract if it is signed
- A recovery assumption is not a recovery
Clinical
Tail cover, payer mix, and the contract under a hospital number.
- Malpractice tail is the policy after the doctor leaves
- A hospital bond covenant watches cash, not reputation
- A device recall is a product event and an insurance event
- Payer mix is the price list the model forgot
- A physician lease is a compliance document
- Stop-loss is not a promise to pay every large claim
- Credentialing time is revenue that has not started
- A revenue-cycle reserve is the cash you do not have yet
- A trial indemnity should say who pays for an injury
- An emergency duty is not a payment contract
Safeguards
Applications, sublimits, and the warranty under a cyber policy.
- The cyber application is part of the policy
- Ransomware often sits under its own sublimit
- Cyber business interruption starts after a waiting period
- A vendor contract can be your incident
- An MFA warranty is a condition, not a slogan
- A regulatory fine may be uninsurable where you operate
- An incident-response retainer is useful only if you may call it
- Social engineering is often a transfer sublimit
- A war exclusion can reach a criminal group
- Panel counsel is a term of the cover
Freight
Cargo value, laytime, and the paper under a shipment.
- Cargo insurance pays a value you wrote down in advance
- General average is a bill the cargo did not expect
- A bill of lading is title, not a tracking email
- Demurrage is rent for time you already lost
- A warehouse limit is not the value of the goods
- Off-hire is a sentence in the charter, not a mood
- A sanctions clause can stop a lawful-looking cargo
- A reefer claim starts with a temperature record
- A forwarder's limit is often a multiple of freight, not of cargo
- War risk is a separate premium on a separate map
Bullion
Allocated metal, vaults, and the bar list under a gold claim.
- Allocated gold is a bar list, not a balance
- Vault insurance has to name the metal and the place
- Good delivery is a standard, not a slogan on a coin
- A gold lease rate is the rent on someone else's metal
- A custody fee is the rent on your own metal
- Reconcile the bar list to the ounces you were promised
- Physical metal can be a tax event when it moves
- An ETF share is not a key to a vault
- Metal in transit needs its own cover
- A vault audit is a visit, not a PDF