For more than 50 years, Underwriting Agencies of Australia (UAA) has been the leading provider of insurance for the mobile plant and machinery sectors. Over this time UAA has stood as a pillar of strength and reliability in providing comprehensive coverage tailored to the unique challenges of these industries.
As UAA continues to evolve alongside industry advancements and shifting market dynamics, it remains committed to delivering best-in-class solutions that safeguard machinery operators, businesses, and their critical assets.
From a one-man team to a staff of 72 Australia-wide, the growth of UAA has been exceptional.
The history of UAA starts with humble beginnings in 1972 as Sanderson Insurance Brokers based in Newcastle, founded by Phillip Duncan. He identified the challenges in sourcing specialised crane insurance, revealing a need for a dedicated product for the Australian crane industry.
Phillip packed his suit and flew to England to visit the global insurance market specialist Lloyds of London. He found a syndicate with a very basic product that developed into Contractors Plant Insurance (CPI) in Australia and went on to build an incredible relationship with Lloyds.
There was an aspiration to further develop this product and further service the needs of the entire insurance Australian industry through a broader distribution and a specialised underwriting approach that assessed and correctly priced the risk.
To do this it was identified that the next step was to become a recognised niche underwriting agency that specialised in machinery insurance and to utilise the national insurance brokers network to distribute the product to their clients.
In 1988, UAA was born, maintaining a strong relationship with the Lloyds of London syndicate which provided the security that backed UAA. This meant that UAA was able to autonomously underwrite its own machinery risks, and importantly also allowed to manage claims and service customers. UAA became the first niche underwriter in its class to pioneer such a specific product in the Australian market.
UAA’s growth reached new heights in 2013 with its entry into the Asian market through the launch of its Industrial Special Plant (ISP) product in Hong Kong. This marked the beginning of a strategic expansion beyond Australia.
The following year, UAA established UANZ in New Zealand, extending its specialised insurance solutions to a neighbouring market.
By 2016, UAA further strengthened its presence in Asia with the creation of UAS in Singapore, affirming its status as a regional leader in machinery insurance.
The merger with MECON
The most transformative chapter in UAA’s journey unfolded in July 2022, with its merger with MECON Insurance and creation of parent company, UAA Group.
This union created a unified entity specialising in mobile plant, equipment, and construction insurance, combining the expertise and strengths of two industry leaders to deliver unparalleled value to their clients.
This strategic merger yielded several benefits for UAA:
Enhanced product offering: The merger combined UAA’s expertise in mobile plant and equipment insurance with MECON’s specialisation in construction insurance. This integration allows UAA to offer a more comprehensive range of insurance products, catering to a broader spectrum of client needs within the construction and equipment sectors.
Operational efficiencies: The consolidation has led to improved operational efficiencies through economies of scale. The unified entity benefits from streamlined processes and resource optimisation, resulting in cost savings and enhanced service delivery for clients.
Strengthened market position: By merging, UAA reinforced its market presence, becoming a more formidable competitor in the insurance industry. The combined expertise and resources positioned UAA to better serve existing clients and attract new business, solidifying its standing in the market.
Overall, the merger has enabled UAA to broaden its service offerings, achieve operational efficiencies, and enhance its market position, all while maintaining a strong focus on client satisfaction.
Mobile plant protection
One of UAA’s major strengths is that it understands the importance of protecting assets and tailoring insurance solutions to safeguard mobile plant and equipment.
Incorporating seven key cover options into one package, it developed its ISP cover to protect all types of mobile plant and equipment, from the smallest post hole digger to the largest pieces of mining and earthmoving equipment.
It offers clients access to expert knowledge tailored to their unique insurance needs.
A single packaged policy can also reduce gaps in cover and excesses payable. The dedicated policy wording can address exposures unique to the mobile plant industry, and there are automatic inclusion of benefits relevant to mobile plant.
The seven sections are:
- Damage
Cover for owned mobile plant and equipment
- Hired in plant
Cover for non-owned mobile machinery and plant hired in by the insured
- Additional benefits
A combination of automatic and optional benefits which allows you to tailor coverage to the insured’s business needs
- Financial protection
A combination of covers that allows you to tailor coverage to protect your insured’s business from financial loss
- Breakdown
Cover for mechanical breakdown of mobile machinery and equipment
- Broadform liability
Provides comprehensive Legal Liability protection in connection with the insured’s business activities
- Road risk
Third party property damage cover for registered vehicles
Policies can be tailored to suit business requirements and includes automatic additional benefits such as:
- Damage to lifted goods
- Multiple crane operations
- Expediting costs
- Market Value Plus as a standard basis settlement
- Recovery costs – no damage
- Recovery costs – damage
- Employees property damage
- Indemnity to hirer – wet hire
- Appreciation in value
- Extra cost of reinstatement
- Owners protection
- Attachments
- Excess-free windscreen replacement
Optional extensions are also available and can be discussed with UAA’s knowledgeable underwriting staff.
Plant and equipment cover can be provided for the likes of earthmoving equipment, mining equipment, cranes, forklifts and telehandlers, aerial access equipment, roadmaking and paving machines, and drilling equipment.
For more information, please email enquiry@uaa.com.au.