Delta Insurance has expanded its portfolio by entering the commercial motor vehicle insurance sector, specifically targeting enterprises managing fleets exceeding 100 vehicles.
The initiative is led by Michael Hookham, an expert in motor insurance underwriting with 18 years of experience. Hookham, who assumed the role of head of commercial motor at Delta in late 2023, said that this initiative has been a year in the making.
“We do things a little differently at Delta, and that's certainly the case with our CMV offering. The focus is on creating value not otherwise available in the market, so our policies appeal to clients with specific needs for their fleet cover,” he said.
Delta's commercial motor vehicle (CMV) policy is tailored to meet the unique needs of substantial and specialised fleets, including those composed of electric and luxury vehicles, as well as uniquely modified vehicles like dental trucks or specialized heavy machinery.
The policy not only covers traditional risks such as accidental loss and damage but also includes several unique features. These encompass coverage for electric and autonomous vehicles, liability for incidents occurring airside, and coverage for the personal effects and baggage of authorised drivers. It also covers the costs of completing a journey using a hire vehicle and safeguards property being transported.
One of the distinctive features of Delta's policy is its alternative approach to the traditional “knock for knock” arrangement, where insurers cover their own clients' losses regardless of fault. Instead, Delta opts for a loss recovery model, particularly beneficial for fleets where the repair costs can differ significantly.
Delta Insurance New Zealand CEO Andrew Beaton highlighted the company's focus on aligning with market needs and fostering business efficiency.
“We're providing insurance solutions that the market wants, constantly seeking out new opportunities to help people do business better. Our CMV policy helps the growing number of operations of unusual or specialised fleets to get the cover they need to conduct worry-free business,” he said.
Meanwhile, Delta Underwriting, a specialist underwriting firm under the Delta Insurance Group, released a new coverage package for small and medium-sized businesses from its Singapore unit.
