Underwriting Agencies of Australia’s Industrial Special Plant policy is supporting insurance brokers and its clients to protect valuable assets. For a business such as Tandy Group, asset protection is an essential aspect of maintaining an operation. As Roads and Infrastructure Magazine learns.
Having had more than 30 years’ experience in providing insurance solutions for mobile plants, Underwriting Agencies of Australia (UAA) has developed a rapport for understanding the needs of its clients.
This expertise extends to its claims management services, which UAA provides through a vast network of suppliers in Australia, as well as overseas.
UAA Group Chief Underwriting Officer and Regional Manager – North Jane King says an important aspect of policy implementation is the relationship with the insurance broker.
“UAA provides a fully hand-crafted policy to suit the business requirements of the insured group,” she says. “The covers incorporated on the policy have been specifically discussed with the broker to ensure a maximum level of cover is provided.”
By maintaining this relationship with the broker, UAA can provide cover which has been developed in conjunction with industry input.
“UAA operates under a high touch model and regularly meets with brokers to discuss any queries that arise. Our underwriting team is fully equipped with specialist knowledge to provide on-going support, and we have a dedicated claims team who are specialists in their field,” King says.
The right broker
One such broker is Regional Insurance Brokers, which services clients in the Queensland region. Since its inception in 1981, Regional Insurance Brokers has serviced the business and personal insurance needs of more than 20,000 customers and managed more than 48,000 claims.
Mitch Binney, Director for Northern Queensland says Regional Insurance Brokers provides local knowledge to its clients through its 11 office locations, which includes Brisbane, Cairns and the Gold Coast.
“We primarily provide services to the commercial sector, but we also do a lot of plant equipment, businesses serving the mines and heavy haulage transport,” he says.
One of Regional Insurance Brokers’ long-standing clients is the Tandy Group – a Queensland-based business overseeing the operation of a diverse range of services from production of raw materials to environmental solutions, concrete manufacturing, transport, supplying potable drinking water and liquid nitrogen as well as genetic solutions and training to the cattle industry.
Binney says services provided to Tandy Group range from general advice on vehicle purchase to risk management and claims management services.
“The vast scope of Tandy Group’s services means they require customised insurance policies to suit different areas of their work,” Binney says.
Through its partnership with UAA, Regional Insurance Brokers also provides Tandy Group with its Industrial Special Plant policy, which has been specifically tailored to suit the specialised and diverse activities of Tandy Group.
As Jane King reiterates, the Industrial Special Plant policy is tailored to “suit the unique exposures of each business”.
“UAA understands the importance of downtime in this industry and what impact this has on the business financially. To combat such risk we have various Financial Protection optional benefits which can assist in the event of a loss, such as providing replacement machines, coverage for loss of revenue and monthly lease payments,” she says.
“The product was specifically designed with mobile plant in mind and has evolved over the years as risks and exposures have changed. Some of our competitors adapt and modify standard products like commercial motor policies in order to accommodate plant and machinery. It’s like putting a round peg in a square hole, it just doesn’t quite fit.”
As part of its specially designed policy, UAA tailor the modular package, as well as the optional and automatic benefits within it to accommodate the needs of the client and reduce downtime.
“UAA understands the urgency of having the equipment repaired swiftly, and in the event of extensive repairs we can assist with replacement machinery to ensure the work is still being completed,” Jane says.
Binney emphasises that the solutions for Tandy Group would not be possible if not for the constant support of UAA.
“For us to find solutions that work, it comes down to the relationship that we have with UAA.
I think this is due to their approach to finding a solution which works for the client and being very flexible,” he says.
The insured experience
For Tandy Group General Manager Mitchell Flor, the insurance services provided by both Regional Insurance Brokers and UAA has helped instil confidence in the business’ day-to-day operations.
“The Tandy Group is a holding company for many different businesses. We provide everything from the provision of concrete through to the provision of artificial breeding services for beef cattle,” he says.
“We have everything insured via Regional Insurance Brokers, even right down to travel.”
An Australian owned and operate company since 1968, Tandy Group uses a similar approach to its customers than that of Regional Insurance Brokers and UAA, with an emphasis being placed on providing its wealth of knowledge to benefit clients.
Flor says that Tandy Group has been the beneficiary of Regional Insurance Broker’s insurance outcomes, which includes coverage for earthmoving equipment such as wheel loaders, excavators, a screening plant and dump trucks.
“Regional have been great, they have been very honest and hardworking throughout the 20 years which they have supported us for. They do go that extra mile when it comes to our needs, whether that is getting a claim finalised or providing advice,” Flor says.
“Insurance is one of those things that everyone hates paying until you actually need them and when that time comes, it’s really nice to know that you have a broker that’s in your corner.”
Jane says the best suggestion that she can provide to the industry is to make sure that businesses have an insurer who understands the aspects of the operation.
“Sit down with your broker and make sure that your current insurance policy is a specialist product that has the ability to cover the many unique exposures associated with your machinery and business in general,” she says.
This article was originally published in the February edition of our magazine. To read the magazine, click here.
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