For over 50 years, Underwriting Agencies of Australia (UAA) has been the number one provider of insurance for the crane and mobile plant and machinery sectors. Over this time UAA has stood as a pillar of strength and reliability in the crane insurance industry, providing comprehensive coverage tailored to the unique challenges of these sectors.
As UAA continues to evolve alongside industry advancements and shifting market dynamics, it remains committed to delivering best-in-class solutions that safeguard crane operators, businesses, and their critical assets. UAA’s deep-rooted expertise, strong partnerships, and forward-thinking approach position it as the premier choice for crane insurance today and into the future.
From nothing to $450 million per annum in 50 years, 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. As an insurance brokerage, it identified that sourcing specialised crane insurance for customers was difficult and further investigation uncovered a need to develop a product for the Australian crane industry.
Phillip Duncan packed his suit and flew to England to visit the global insurance market Lloyds of London, to see if he could source a product for crane insurance. 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 of London.
There was an aspiration to further develop this product and further service the needs of the entire Australian insurance 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 crane and 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 who provided the security that backed UAA. This meant that UAA was able to autonomously underwrite its own crane and machinery risks, and importantly also allowed to manage claims and service its customers. UAA became the first niche underwriter in its class to pioneer such a specific product in the Australian market.
The Now: Evolving with industry needs
UAA, understands the ever-changing nature of the crane industry and the importance of adapting insurance offerings to meet the demands of clients. UAA’s current policy enhancements reflect this commitment, ensuring comprehensive protection that aligns with modern risks and operational realities.
1. Unrestricted Coverage for Large Capacity Cranes – Unlike other insurers that impose capacity and value restrictions, UAA continues to provide coverage without such limitations, ensuring businesses operating high-value, high-capacity cranes are fully protected.
2. Extended New-for-Old Replacement – UAA has increased the eligibility period for new-for-old replacement from two years to three years for equipment suffering total loss, providing greater financial security for owners investing in new machinery.
3. Enhanced Tower Crane Coverage – Recognising the unique challenges associated with tower cranes, UAA now cover additional costs for commissioning, erecting, and re-installing on the same site following a total loss, reducing financial and operational burdens.
4. Automatic Multi/Dual Lift Coverage – When Australian Standards are adhered to, multi/dual lifts are automatically covered without the need for prior declaration, simplifying the insurance process while ensuring compliance.
5. Industry Leadership in Recovery Cost Awareness – UAA actively works with the industry to educate and promote safe recovery practices for specialised and heavy equipment, helping prevent further damage and ensuring assets are salvaged efficiently.
6. Specialised Assessors for Tailored Loss Management – Each claim is unique, which is why UAA engages specialised assessors suited to the specific circumstances of a loss, drawing on expert advice from within the industry to ensure fair and accurate assessments.
7. Coverage for Crane Accessories – UAA’s policies extend to essential crane accessories such as ropes, bog mats, and counterweights, recognising the financial impact of these components being damaged or stolen when the crane is not in operation.
8. Coverage for High-Risk Occupations and Lifts – UAA continues to lead in providing insurance solutions for high-risk industries and lifting scenarios, including wind farms, barge lifts, and sensitive equipment transportation, where traditional policies often fall short.
The Future: Pioneering tomorrow’s crane insurance
As the crane industry evolves with new technologies and operational challenges, UAA is committed to staying ahead of the curve. UAA’s forward-looking initiatives are designed to address emerging risks, ensure ongoing education, and improve overall industry safety and efficiency.
1. Understanding Emerging Technologies – With innovations such as lithium battery-powered cranes entering the market, UAA is investing in research to understand the risks and mitigation strategies associated with these advancements, ensuring that our policies evolve to accommodate new technology.
2. Monitoring Crane Brands and Models – Recognising that different crane manufacturers and models present unique risk profiles, UAA is actively tracking industry developments to refine its pricing and coverage options accordingly.
3. Addressing Importation and Expediting Challenges – With certain crane models not readily available in Australia, UAA is considering the implications of importation and expediting costs to ensure its policies adequately support businesses needing rapid equipment replacement.
4. Expanding Recovery Cost Coverage – In some cases, equipment may require recovery efforts even in the absence of physical damage. UAA is exploring expanded coverage options for recovery costs in such scenarios, reducing financial exposure for businesses.
5. Education and Broker Collaboration – Many cranes are currently insured under contract works policies with significantly higher deductibles and fewer industry-specific benefits. UAA is dedicated to educating brokers and working with MECON to ensure businesses receive tailored coverage that includes critical elements such as damage to lifted goods, recovery costs, and dismantling/re-erection
6. Enhancing Industry Safety – UAA remains committed to working with industry bodies such as CICA to support initiatives like Franna licensing and walking crane endorsements, reinforcing its leadership in safety advocacy and education.
A testament to expertise
UAA’s long-standing presence in the crane insurance sector is a testament to its expertise, adaptability, and unwavering commitment to its clients. As UAA navigates the future, it remains focused on providing superior coverage, driving industry education, and innovating in response to emerging risks.
With UAA, businesses can trust that they have a partner who not only understands the intricacies of crane operations but also leads the way in shaping a safer, more resilient industry for years to come.