Insurance from MLC Adviser use only. Cutting edge insurance solutions for the resources industry

Transcription

1 Insurance from MLC Adviser use only Cutting edge insurance solutions for the resources industry

2 Contents The enormous growth Her s in what the you ll find Australian within this document resources industry offers you an outstanding business opportunity with MLC providing a cutting edge offer to help you build your business.

3 The huge resource opportunity for growth The labour force in the resources industry has achieved an impressive average growth of 20% since 2004, compared to 4% for the Australian workforce. The market size has been identified as 226,000 working in the mining, oil and gas industries 1. With a further 599,680 in support industries. 2 And these figures are growing by the day as demonstrated by the two tables below. Australian resource industry labour force by occupation Occupation Base employment (2008) Employment growth Managers 13,977 5,571 19,548 Professionals 24,080 9,598 33,678 Technicians and tradespeople 37,833 15,080 52,913 Projected employment (2015) Community and personal service workers Clerical and administrative workers ,024 13,791 5,497 19,287 Sales workers Machinery operators and drivers 53,621 21,372 74,993 Labourers 8,140 3,244 11,384 Other 1, ,342 Total 154,446 61, ,005 Source: Australian Bureau of Statistics, Australian resource industry labour force by age Share of employment (percent) Age groups Mining Construction All Australian Industries Source: National Resources Sector Employment Taskforce, Resourcing the Future, Australian Bureau of Statistics Mining industry website: Cutting edge insurance solutions for the resources industry Page 1

4 Our cutting edge solutions As part of the extraordinary growth in our resources sector, your clients are helping build Australia s growth and prosperity. But what about protecting their own prosperity if something should happen to them? Better protection We recognise the varied and demanding needs of those working in the resources industry and offer some cutting edge solutions. We don t set arbitrary maximum limits for occupations in the resources industry. Each case is individually assessed to determine how best to protect their needs. We protect people who work on offshore rigs or who need to visit overseas mine sites. We can provide protection for foreign workers on visas who intend to remain long-term in Australia. Unlike some other insurers, Business Expenses insurance is available where external contractors are operating as Small Medium Enterprises, providing services to the mining sector (eg external surveying companies). Did you know? Over 140,000 Australians are seriously injured at work every year and more than 250 die as a result of work-related injuries. Source: Australian Safety and Compensation Council, Page 2 Cutting edge insurance solutions for the resources industry

5 Case studies Case Study 1 Case Study 2 Case Study 3 Profile: Sally, Female, age 47, working on a 457 Visa sponsored by Chevron. Engineer. Annual salary: $360,000. Profile: Frank, Male, age 27, newly married. Mechanical Fitter. Annual salary: $112,000. Profile: Mike, Male, age 53, divorced but with three children and two grandchildren. Skipper of supply ship. Annual salary: $140,000. Sally migrated to Australia from the UK with her family and is based in Perth. She pays occasional site visits to the Gorgon project at Barrow Island. She flies home regularly to visit her family and friends back in the UK but intends to live in Australia long-term, and has applied for permanent residency. Sally understands the need for insurance given the nature of her role and family commitments, but thought that she wouldn t be able to get insurance because she s still a UK citizen. Frank works for Anglogold Ashanti on the Sunrise Dam Project on a Fly-In-Fly-Out roster. He has occasional underground duties when breakdowns occur. Frank wasn t sure he d be able to get insurance because he works underground. Mike s the skipper of a service ship providing supplies to and from rigs off North West Australia. He s contracted to Bhagwan Marine, lives in Geraldton and flies to Dampier to work. Outcome Sally met with her adviser who recommended MLC Income Protection insurance. As a holder of a 457 Visa, Sally qualifies for a monthly Income Protection benefit of $22,500, based on her current salary. Her adviser was able to arrange cover for as long as Sally resides in Australia, with no restrictions on Sally s overseas visits. Outcome After meeting with his adviser, who discussed the situation with the MLC Underwriting Team, he now has the peace of mind of knowing he and his loved ones are protected financially with MLC Income Protection insurance, with a monthly benefit of $7,250 if anything happened to him. Outcome Mike has MLC Income Protection insurance for a monthly benefit of $8,750, based on his income. Cutting edge insurance solutions for the resources industry Page 3

6 Case studies Case Study 4 Case Study 5 Case Study 6 Profile: Tina, Female, age 34, married with two young children. Haulpak Dump Truck Driver. Annual salary: $95,000. Profile: Brett, Male, age 60, married with two adult children still living at home. Health, Safety & Environment Manager. Annual salary: $170,000. Profile: Scott, Male, age 52, married with two teenage children. Train Driver. Annual salary: $126,000. Before Tina took on her role as driver two and a half years ago, she worked as a secretary earning $37,000. She lives in a company camp but has to pay for day care for her children. Brett works for a civil infrastructure construction project in Kununurra WA with Leighton Contractors, working a three weeks on, one week off roster. His wife is semi-retired, and they have a grandchild living with them from their son s previous marriage. Scott has been driving trains carrying coal from Kestrel (Emerald) to Rockhampton for the past six years. He worked in Victoria as a train driver before that and moved his family to Rockhampton for a better future for his family. Outcome Tina obtained the cover recommended by her adviser of Life Cover, Total and Permanent Disability and Critical Illness benefit of $500,000 along with Income Protection insurance for a proposed monthly benefit of $6,000. Outcome Brett has MLC Income Protection insurance for a monthly benefit of $10,000 at AA rates on agreed value. Outcome Mike has MLC Income Protection insurance for a monthly benefit of $7,875 at B rates benefits to age 65, agreed value. These are based on real case studies. However, names have been changed and the studies are for illustrative purposes only. Page 4 Cutting edge insurance solutions for the resources industry

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8 Our occupation group table If your client s occupation isn t listed, look at the classification for similar occupations. Select the corresponding occupation classification to proceed with the premium quotation and application. The underwriter will review the classification. If a lower risk classification can apply, the premium will be adjusted accordingly. We can help you In some cases, an occupation classification may be straightforward for Income Protection whilst other occupations may be more complex. If you need help, contact MLC Underwriting (see page 8). A quote reference number can be provided to confirm the underwriting advice provided. Occupation/Resources industry Income Protection Business Expenses Life Cover Ciritcal Illness Total & Permanent Disability Mining Engineer, degree qualified, no manual work Up to 10% site. AAA AAA OR OR AAA More than 10% site. A A OR OR A Underground. BBB BBB OR OR BBB Geologist, other tertiary qualified professionals Office only. AAA AAA OR OR AAA Up to 10% site, field work. AA AA OR OR AA More than 10% site, field work. A A OR OR A Underground. BBB BBB OR OR BBB Mine Manager Degree qualification, administration only. AAA D OR OR AAA Up to 10% site. AA D OR OR AA More than 10% site. A D OR OR A Underground. BBB D OR OR BBB Occupational Health & Safety, Health Safety & Environment Manager, tertiary qualifications. AA AA OR OR AA Inspector, administration only. A A OR OR A Inspector, site/field including underground. BBB BBB OR OR BBB Page 6 Cutting edge insurance solutions for the resources industry

9 Occupation/Resources industry Income Protection Business Expenses Life Cover Ciritcal Illness Total & Permanent Disability Mining cont d Mine Surveyor Office/administration only. A A OR OR A Site/field including underground. BBB BBB OR OR BBB Admininstration, clerical staff A D OR OR A Workplace Trainer/Assessor accredited Classroom only. A A OR OR A Other (demonstrations). BBB BBB OR OR BBB Supervisor, Work Team Foreman Office/administration only. A A OR OR A Up to 20% light manual. BBB D OR OR BBB More than 20% light manual. BB D OR OR BB Underground. B D OR OR B Mechanic, Fitter - trade qualified Above ground. BB BB OR OR BB Underground. B B OR OR B Welder, Boilermaker trade qualified Above ground. BB BB OR OR BB Underground. B B OR OR B Electrician - trade qualified Above ground. BB BB OR OR BB Underground. B B OR OR B Train Driver B D OR OR B Plant/Heavy Equipment Operator (eg. Haulpak Driver, Crusher; Conveyor, Loader) Above ground. SR D OR OR SR Underground. SR D OR OR D Faceworker underground D D OR OR D Explosives Handling D D OR OR D Labourer, Trades Assistant SR D OR OR D Emergency Response Team D D OR OR D SR = SR non-occ 2 yr BP. Cutting edge insurance solutions for the resources industry Page 7

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11 Our occupation group table Occupation/Resources industry Income Protection Business Expenses Life Cover Ciritcal Illness Total & Permanent Disability Oil & gas Engineer degree qualified, no manual Up to 10% site (onshore). AAA AAA OR OR AAA Up to 10% site (offshore). AA AA OR OR AA More than 10% site (onshore). A A OR OR A More than 10% site (offshore). BBB BBB OR OR BBB Geoscientist/Physicist, other tertiary qualified professionals, no manual Office only. AAA AAA OR OR AAA Up to 10% site (onshore). AA AA OR OR AA Up to 10% site (offshore). A A OR OR A More than 10% site (onshore). A A OR OR A More than 10% site (offshore). BBB BBB OR OR BBB ROV (Remotely Operated Vehicle) Operator Tertiary qualified, no manual. AA AA OR OR AA Not tertiary qualified, no manual. A A OR OR A Up to 30% manual. BB BB OR OR BB More than 30% manual. B B OR OR B Tool Pusher Administration only. BBB BBB OR OR BBB Any manual work. SR SR+ OR OR D Mechanic trade qualified Onshore. BB BB OR OR BB Offshore. B B OR OR B Electrician trade qualified Onshore. BB BB OR OR BB Offshore. B B OR OR B Welder trade qualified Onshore. BB BB OR OR BB Offshore. B B OR OR B Cutting edge insurance solutions for the resources industry Page 9

12 Our occupation group table Occupation/Resources industry Income Protection Business Expenses Life Cover Ciritcal Illness Total & Permanent Disability Oil & gas cont d Service Vessels Skipper. SR D OR OR SR Crew. SR D OR OR D Control Room/Console Operator (onshore) Control Room/Console Operator (offshore) B D OR OR B SR D OR OR D Crane Driver SR D OR OR D Driller, Derrickman, Rigger SR D OR OR D Labourer, Roustabout SR D OR OR D Chef qualified B D OR OR B Cook, cleaner, ancillary services SR D OR OR SR Rig Diver D D $2.00 $2.00 D Emergency Response Team D D $2.00 $2.00 D SR = SR non-occ 2 yr BP. Our underwriting hotline: NSW nswunderwriting@mlc.com.au QLD qldunderwriting@mlc.com.au SA saunderwriting@mlc.com.au VIC vicunderwriting@mlc.com.au WA waunderwriting@mlc.com.au Page 10 Cutting edge insurance solutions for the resources industry

13 Why your clients can count on us Founded as the life insurance business for miners during the gold rush of 1887, MLC has become one of Australia s iconic brands. With 125 years of looking after Australians, your client can be certain we re going to be there when they need us. Our claims philosophy Most importantly, when your client makes a claim we understand it s a time of need. So we make sure our claims process is simple and convenient, treating policy-owners and beneficiaries with empathy. Worldwide insurance Our insurance travels with your client, which means they re covered 24 hours a day, anywhere in the world. Keeping their insurance up-to-date We continuously look for ways to improve the features and benefits of our insurance, so your client receives better protection. We regularly improve the terms and conditions of your client s chosen insurance, and whenever it doesn t require an extra premium, we add those improvements to their policy. All of this is why, year after year, we ve won awards for innovation and marketleading product. Did you know? In 2010 we paid out a total of over $523 million in claims across all our insurance products. Cutting edge insurance solutions for the resources industry Page 11

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15 Important information This brochure is for adviser use only and is not intended for general distribution. MLC Limited (ABN , AFSL ) of Miller Street, North Sydney NSW 2060, is a member of the National Australia Group of companies. This document has been printed on paper sourced from well managed, environmentally sustainable plantation forests and has been printed by an ISO14001 accredited organisation, so there s a minimum effect on the environment. It s part of our campaign to maintain our carbon neutral footprint and reduce global warming.

16 Insurance from MLC Adviser use only For more information contact your Business Development Manager or your state office. For general queries call us on Postal address: MLC Limited, PO Box 200 North Sydney NSW 2059 Registered office: Ground Floor, MLC Building Miller Street North Sydney NSW 2060 mlc.com.au 87171M0312