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Administrative Fee Tier Structure - FAQ

The Administrative Fee is Simple Mining's compensation for administering the Program. This includes: enrollment processing, Statement of Values maintenance, billing, recordkeeping, and claims coordination. It is a separate, fixed monthly fee and is not part of the insurance premium.

How tiers work: The fee is based on your total Coverage Value across all enrolled equipment. It is a single fee for your entire fleet, not charged per unit. Tiers start at $35/month (up to $25,000 in Coverage Value) and scale up to $16,000/month ($8.6M–$10M in Coverage Value). For fleets over $10M, the fee is set on a custom basis.

When you add equipment: Your total Coverage Value is recalculated and your fee moves to the corresponding tier. The new (higher) tier applies to your entire fleet for that full month, no proration, regardless of when in the month the equipment was added.

The fee never decreases mid-term. Selling, retiring, pausing, or removing equipment does not reduce your Administrative Fee during the Policy Term. Only adding equipment increases it. The fee resets at each renewal based on your then-current Coverage Value.