For brokers looking to effectively engage with the construction industry, a close relationship with the right insurers is essential.
Though NTI is arguably best known to the public for its transport insurance offerings, the truth is that it’s actually been writing MPE for over 40 years within its motor book. Yellow Cover came to life under the NTI Ltd umbrella of brands in 2015, which gives NTI’s MPE and CPE customers a niche product that has been tailored specifically around the mobile plant industry.
“Technically, we’re considered a new player,” chuckles David Kidd, National Portfolio Manager – Mobile Plant at NTI.
“But we’re drawing on a wealth of historic experience, and we’ve already established ourselves as a market leader.”
Under Yellow Cover, Kidd explains, NTI deals with a broad variety of insurance products for the MPE space, primarily in the Civil, Construction, Agricultural and Mining Industries.
“We’ll do just about everything from owner operators and SMEs, up to the big corporate organisations,” says Kidd. “In terms of exposure, we handle anything up to about $500 million. Beyond that point, we’re still happy to help too – but we’d probably be bringing in our reinsurers as well.” Kidd himself has been with Yellow since the beginning, and has extensive experience in the MPE space prior. As something of an industry veteran, he’s keenly aware that it’s a space with great complexity, and he points out that it’s important to remember that determining the correct mode of insurance is often more nuanced than people realise.
Brokers need to be equipped effectively in order to offer clients the most appropriate product for the client’s needs.
“I always encourage people to try and look at things from an exposure standpoint,” says Kidd. “A construction business might have vehicles.
But when you look at them more closely, you realise that their actual day-to-day business is earthworks – so you need to find the product that actually matches those needs, rather than simply looking at external appearances.”
Accordingly, Yellow Cover aims to work with brokers and clients alike to create the insurance products that they have for their particular needs. This made easier by Yellow Cover’s close alignment with NTI, in no small part due to the company’s background with large-scale commercial and heavy motor insurance.
“We don’t just cover mobile plants and equipment, we cover trucks too,” says Kidd.
“Depending on the customer’s individual needs, they can often have all of these assets covered under the one policy – it’s a more tailored approach.”
In an industry with such stringent equipment demands, Kidd is keenly aware of the importance of repairs being carried out effectively and without error.
“We have 100% trust in the workmanship by our authorised repairers,” says Kidd.
“That’s what our lifetime guarantee is all about – it also means our policy holders know that, should a problem ever arise, we’ll get things back on track fast at no cost to them.”
Perhaps most significantly, the guarantee on repairs isn’t limited solely to the original owner. Kidd notes that it’s for the guarantee of the life of the plant of equipment – even if it’s sold to a new owner. Yellow Cover is a leader in mobile plant and equipment insurance. What’s more, they’re part of NTI, Australia’s specialist insurer.
With over 45 years of specialist experience in heavy motor insurance, they know what it takes to operate in the specialist space.
It’s about living and breathing the industry you serve and leading the way – in every way. Which means delivering tailored cover for heavy machinery across complicated and specialised ranges of exposures.
Whether you’re an owner-operator or the biggest name in the business, they’ve got you covered with outstanding service, unparalleled expertise and innovative policies that come with industrial strength protection
[colored_box color=”yellow”]For more information, visit www.yellowcover.com.au[/colored_box]