MGA launches marine equipment product to meet broker demands

Fiducia has launched a new marine equipment underwriting facility to meet demands from UK brokers.

In a statement released today (6 November 2023), the managing general agent (MGA) said the product would maintain increased cover requirements for high-value equipment being transported by vessels and used in offshore projects.

This includes sustainable power generation projects, such as offshore wind farms or tidal systems.

Fiducia added that the new capacity had also been designed to support North Sea oil and gas operations.

Underwriter Scot Dowson said: “The UK’s move towards green energy to achieve net zero targets is driving huge investment in offshore projects.

“However, oil and gas will continue play a role in the country’s energy systems in the short to midterm.

“As such, it is critical that all offshore project clients ensure they have the right cover against risks faced by high-value equipment involved in these operations.

“Our marine equipment product has been designed with this front of mind for established marine energy operators alongside emerging players.

“We have seen new enquires and opportunities amongst partner brokers and insurers and we expect that the market will only grow as the energy transition progresses.”

Cover

Fiducia’s product provides comprehensive cover for all risks of physical loss or damage to marine and subsea equipment.

It also offers cover whilst marine equipment is in transit, in store, topside aboard vessels or operational in water on a 24/7 basis.

Fiducia chief executive Gerry Sheehy said: “We understand the need for comprehensive, bespoke and secure insurance protection for high-value equipment in regards to offshore projects.

“As an MGA, we have built a reputation for our level of service and the can do approach to risks and solutions. It is a reputation we believe will stand us in very good stead with brokers who have marine equipment risks.”