Graeme joins from Santander where he worked for seven years as a financial crime investigator. He brings more than 30 years’ experience within the marine insurance industry, having previously held both underwriting and broking positions.

In his new role, Graeme is tasked with developing Fiducia’s marine cargo and freight liability products across Scotland and the north east of England, as well as exploring cross selling opportunities of its other range of products.

Commenting on his appointment, Graeme said: “Fiducia has a strong reputation in the specialist insurance market for its responsive service, competitive terms and team of empowered, expert underwriters.

“I’m excited to join such a highly regarded business with the mandate to further expand its activity throughout Scotland and the north east of England.

“I am already advising a wide range of brokers to provide them with policies which meet their clients’ specific requirements and look forward to making more connections as we continue to expand.”

Welcoming Graeme to the company, Fiducia CEO, Gerry Sheehy, said: “Graeme is an excellent hire for Fiducia, bringing a wealth of experience within the marine insurance industry to our team.

“Scotland and the north east of England are opportune growth areas for Fiducia and Graeme has an established network of long-term broker relationships within them.

“His appointment allows us to further provide brokers in those locations with expert underwriting support and bespoke policies which will best serve their clients’ needs.”

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Fiducia has renewed its strategic partnership with Broker Insights, a leading provider of data analytics and market insights for the commercial insurance market. Under the renewed agreement, Fiducia will continue leveraging the Broker Insights VISION™ platform to deepen engagement across its broker network, enhance market visibility, and uncover new opportunities for growth.

Well known for its relationship-driven approach and high-quality service, Fiducia will continue to deploy VISION to increase visibility of in-appetite business and proactively connect with brokers to identify high-potential opportunities across relevant commercial lines, with a focus on marine, cargo and terrorism-related cover.

In April, Broker Insights announced the fourth major iteration of its VISION platform, which has been shaped by real-world feedback from forward-thinking brokers and insurers across all markets.

VISION’s enhanced functionality uses data-led insights to support brokers and insurers to deliver unparalleled value to clients. With a customer-centric focus, VISION’s engagement tools deepen relationships and foster collaboration by identifying in-appetite opportunities and linked policies, ensuring the right opportunities reach the right people at the right time.

Gerry Sheehy, CEO of Fiducia, said: “We believe our service is second to none, and we pride ourselves on having a relationship-first approach. Broker Insights helps us enhance those relationships by ensuring we’re reaching the right brokers with the right proposition at the right time.”

Peter Scott, CEO of Broker Insights, added: “We’re delighted that Fiducia is continuing its journey with us. Their team’s commitment to service and engagement is exactly what VISION is designed to support and we’re proud to help power their growth and broker relationships.”

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We pride ourselves on the fact our expert team of Underwriters and supporting Assistant Underwriters are focused, empowered and knowledgeable as they combine decades of expertise across specialised insurance markets.

At the heart of our business, as we provide policies to meet a wide range of risk and cover requirements,  is our market-leading service levels.

This means providing high quality and prompt service from an accessible team of decision makers for our broking partners and their clients.

By taking this approach, we can combine customer service and expertise to proactively liaise with our broking partners on a risk-by-risk basis and provide flexible policies for the benefit of the assured.

To illustrate how our approach has a meaningful impact, Development Underwriter Darren Pass has compiled testimonials from some of our broking partners to provide a snapshot of what working with Darren and Fiducia means to them.

Client Director, James said: “I’ve had the pleasure of working with Darren Pass for over 10 years in the insurance industry. Throughout this time Darren has consistently demonstrated exceptional honesty and professionalism to my client portfolio.

“Darren is always approachable and one of his most valuable traits is his responsiveness – no matter what time of day, he will always be on the end of the phone when needed.

“Darren is very knowledgeable in his sector, and I can always rely on him to follow through any difficult situation my clients with integrity and attention to detail.”

Donna, Sales Director, added: “Working with Darren makes life easy for Brokers. Very quick response, no nonsense and total honesty! His advice is invaluable and I trust him with all of my engineering risks.”

David, commented: “Whether we have a straightforward hired in plant requirement or a more complex engineering risk, having access to Darren and the team at Fiducia is invaluable.

“In particular, the technical knowledge that Darren has of the engineering market is first class. With some insurers now using online systems that can generate lengthy referrals, we are confident that when we pick up the phone and discuss the case with an underwriter, Fiducia will be there to help us find the right solution for our client.”

Corporate Sales Executive, Josh: “We’ve been working with Fiducia for a few years now. New relationships can take time to build, but from the moment we started working with Fiduci,a it was like we’d worked together for years.

“Darren and the team can’t do enough for you. From quick responses and turn around times to going on client visits to assist; Fiducia deliver genuine care which is sometimes the difference to us winning business and retaining business.

“Dealing with Darren and the team is effortless with them having the perfect mixture of professionalism and friendliness; they have an urge to help.

“Darren’s flexible approach is exceptional, prompt and attentive. Sometimes I’d say he knows what we need before we do! We appreciate the relationship Darren has built for us and hope this is just the start of many more years.”

Finally, Jaynie, Director commented: “I have had the pleasure of working with Darren Pass and Fiducia for several years, their expertise and professionalism have been invaluable.

“Darren consistently demonstrates a deep understanding of the industry and provides effective solutions to complex cases. Darren has assisted with placing risks during holiday periods when our Client has left things until the last minute to sort.

“It is rare to come across a business and underwriting team that are so responsive and reliable, and I would have no hesitation in recommending Darren to anyone seeking a first class underwriting approach.”

Interested in partnering with Fiducia?

To learn more about our range of specialised underwriting facilities, click here to view our products page or here to explore our factsheets.  

To discuss your specialised cover requirements with Darren, contact him on M: +44 783 415 4545 or E: darren@fiduciamga.co.uk. To view our team of expert Underwriters, click here.

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Fiducia COO Pat Dickinson, Development Underwriter Rachel Lilliott and Assistant Underwriters Charlotte and Chrissie Booth tackled the 24-mile course across some of Yorkshire’s most iconic and challenging landscapes in 11 hours and 30 minutes.

The team took part in the challenge during Mental Health Awareness Week 2025 to raise funds and awareness throughout the insurance industry for the vital work that the Mental Health Foundation does.

In England, one in four people will have a mental health problem of some kind, and one in six people will experience a common mental health problem such as anxiety and depression in any given week.

Good mental health is one of the most important foundations for a healthy life, and since 1949, the Mental Health Foundation has been committed to preventing poor mental health throughout the UK.

It does this by researching and developing ways to support and protect mental health, provide resources and work with local communities and partner organisations to share lessons and nurture good mental health.

Commenting on their achievements, the Fiducia team members said:

“The Yorkshire Three Peaks is a great opportunity to highlight the positives for taking time out to be in the great outdoors, providing a challenging, rewarding and feel-good experience. I’d encourage walking for your overall well being.” Pat Dickinson.

Chrissie Booth commented: “A very challenging but exhilarating experience. There’s nothing better than a good walk in the great outdoors to clear the mind and enhance your physical and mental health.”

Charlotte Booth added: “What a fantastic day! I’m very proud of our efforts, and so pleased that we’ve managed to raise money for such an important cause.”

Finally, Rachel Lilliott commented: “An incredibly tough yet inspiring experience. Being outdoors and surrounded by nature is a powerful way to improve mental well-being. It offers space to reflect, reset, and reconnect.

“This challenge was not only physically rewarding but also a meaningful way to support others on their mental health journey.”

If you would like to show your support for the team from Fiducia, you can donate via our JustGiving page here.

Any donation will provide valuable funds to help The Mental Health Foundation continue its essential work.

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The Combined Liability policy provides a broad range of cover including employer’s liability, public liability and products liability.

Backed by A-rated capacity from a leading UK insurer, the expanded risk appetite allows Fiducia to provide cover for a range of contractors. These include builders, groundworkers, plant hirers, skip hirers as well as contractors for electrics, plumbing, heating and ventilation.

The expanded risk appetite follows strong performance of its Combined Liabilities and Commercial Combined cover aimed at hauliers, couriers and warehousekeepers.

Fiducia underwriter David Heeney said: “We have seen a high uptake of our Combined Liabilities product for broking partners serving clients involved in supply chain and logistics operations. So, it makes sense to broaden our horizons and to complement our core Engineering products (Contract Works and Contractors Plant).

“In addition, a significant draw is our continued ability to meet the needs of clients who are facing substantial rate increases despite having a low risk profile by underwriting and pricing on an individual risk basis.

“By expanding our risk appetite to cover a wider range of activities, we can support broking partners by ensuring they are equipped to provide competitive cover with market leading capacity and service levels.”

Fiducia can also offer a Commercial Combined policy for these contractor trades protecting clients against material damage, business interruption, business all risk and commercial legal protection. The policy is aimed at SMEs but can be considered for larger risks.

Fiducia CEO Gerry Sheehy said: “Like many business sectors, our contractor clients are faced with changing risks. We want to ensure our broking partners have access to the right underwriting support.

“As an MGA, extending our Combined Liabilities cover this way represents a positive expansion in what we can underwrite to support our broking partners and their clients.

“It also reinforces the ‘can do’ reputation we’ve built in our specialised insurance market and gives us the ability to offer a one stop solution for Combined Liability / Commercial Combined, Contract Works and Contractors Plant.

“We’re looking forward to working with our broking partners who have existing clients and business due for renewal in the trades we can now support or who are exploring new market opportunities.”

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Stef, who joins from insurance broker Ravenhall Risk Solutions, has more than 20 years’ broking, underwriting, marketing and sales experience.

In her new role, Stef is working closely with Fiducia’s underwriting team to attract and retain new brokers whilst also supporting on policy renewals for existing broker clients.

Commenting on her new role, Stef said: “Fiducia has a great reputation for building strong relationships with brokers and working with them on a risk-by-risk basis to provide the ideal products and policy coverage required.

“I’ve joined a highly capable team of underwriters at Fiducia, and I am working closely with them to further enhance the service we deliver to our brokers, whilst also securing new partnerships.”

Welcoming Stef to the company, Fiducia founder and CEO, Gerry Sheehy said: “Stef’s immediate understanding of Fiducia and how we differentiate through our relationships, service levels and product flexibility has enabled her to quickly make a positive impact.

“We now look forward to her helping drive the continued expansion of our broker network by using her range of complementary skills and expert understanding of our markets.”

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This is understandable given the perceived rarity of incidents. However, it could lead to an assumed absence of risk.

Terrorism and sabotage is a tangible threat, especially as 2025 started with headlines around incidents in New Orleans and Las Vegas.

The latest Home Office data showed at the year-end June 30, arrests for terrorism related offences were up 50 per cent year-on-year and 20 per cent over the five-year median.

There is also a growing issue around single actor incidents where perpetrators are not part of terrorist organisations. Data from the Global Terrorism Index shows a rise in unaffiliated individual terrorist attackers in the West.

This highlights the real threat of terrorism and underpins why attention on business insurance policies is essential.

There’s an opportunity to critique policy coverage to ensure it aligns with potential business losses following incidents.

At Fiducia MGA, this is a core priority behind our standalone Terrorism and Sabotage policy and ensures appropriate cover is provided in a flexible, competitive way.

Underwriter David Heeney explains how.

A wider definition of Terrorism

In the UK, the most often cited name associated with terrorism insurance is Pool Re – a government company set up in 1993 to provide cover in response to the threat posed by the IRA.

Pool Re, however, follows the UK government’s definition of Terrorism, which does not include persons acting alone.

Yet, given the risk of single actor attacks, this presents a potential cover gap.

This is why at Fiducia our policy uses a definition of Terrorism which includes single actor or “lone wolf” incidents.

More agile coverage

To ensure our broking partners can support their clients with their Terrorism cover, we prioritise a flexible, agile mindset.

Where this stands out is amongst business clients who operate across multiple premises. They would normally insure all these properties for the traditional perils with a general commercial insurer and if they opt for Terrorism cover with Pool Re, they must effect Terrorism cover on all these eligible properties, otherwise, they are in breach of Pool Re’s adverse selection / “All or Nothing” rule.

However, this might not accurately reflect their Terrorism risk profile. For example, the threat to a business premises in a busy metropolitan area often targeted by terrorists is different to one more remote.

To address this, our Terrorism policy does not apply adverse risk selection. This means that the insured can pick and choose which locations they want to cover.

It also allows cover on a First Loss basis where the insured can float the sum insured across their portfolio.

Compared to the “All or Nothing” approach, this benefits clients with more bespoke cover by focusing in on perceived location risk exposures.

Accessing bespoke cover this way also benefits clients by potentially opening up substantive premium savings.

Embedded business interruption coverage

Some of the misconceptions around Terrorism insurance is that businesses have to be targeted directly, or that their buildings have to suffer physical damage to experience losses.

However, Denial of Access and Loss of Attraction can result in lost revenue in the wake of an incident. This is why our policy comes with cover against this as standard, supported by market-leading wording around Business Interruption.

For example, non-damage Denial of Access provides cover for any business located within one mile of a Terrorism incident, shielding against losses even though they have not been directly targeted.

Cover also extends for financial loss resulting from interruption to the business if the utility supplies are damaged by an Act of Terrorism.

Businesses are also covered if there have been responses to the threat of an incident, without one having taken place. For example, losses incurred from evacuation, street closures or street cordons.

This all sits alongside cover as standard against physical damage as well as clean-up and emergency service costs.

Catering for many sectors

Our Terrorism & Sabotage policy provides up to £250m of cover on any one occurrence.

Alongside its far reaching benefits and market-leading wording, this makes it ideally suited to any client who has a Business Interruption risk exposure where property access is essential to revenue.

Examples include retail, leisure, health and social care, tourism, manufacturing and hotels.

It is also suitable for property owners, both commercial and domestic including student sites or any investment property.

Putting clients first

Complementing the extensive cover, flexibility and broad range of sectors our policy supports, maximising Terrorism cover also means working with partners who prioritise service levels.

Often there is a “click-to-buy” approach in the wider marketplace which does not ensure brokers and clients have access to the right service levels or expertise amongst Underwriters.

This is not the case at Fiducia MGA, and a core mission with our Underwriting team, is to ensure they work in clients’ best interests. On top of this is their expert knowledge on Terrorism risk.

For example, our Underwriters are accessible when needed, respond in a timely way, provide expert advice and offer facilities with A-rated UK capacity.

Combined, these are valuable assets when it comes to protecting businesses against Terrorism losses in a world of constant risk.

Want to know more?

Learn more about our standalone Terrorism & Sabotage policy on our website and in our product summary.

To discuss your specialised cover requirements, risk management needs or partnering with Fiducia, contact David Heeney on M: +44 759 084 0416 or E: david@fiduciamga.co.uk. To learn more about our expert Underwriters, click here.

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Emma Harvey joins from Ravenhall Risk Solutions where she was an account manager. She brings eight years of experience in insurance, including commercial broking roles at Aon and Gauntlet Group.

In her new role at Fiducia, Emma will provide support to the team of underwriters who specialise in a range of insurance products.

This includes assisting with policy renewal invitations and confirmations, preparing management reports and issuing new business documentation.

Commenting on her new role, Emma said: “Fiducia has a strong reputation in the specialised insurance market for its client-first approach and a stand out team of knowledgeable, empowered underwriters.

“I’m pleased to be working closely with this expert team and play my part to help the continued delivery of  market-leading service levels in this exciting new chapter in my insurance career.”

Fiducia specialises in marine cargo, freight liability, engineering, marine equipment, fine art and specie insurance alongside excess of loss and terrorism covers. The company is backed by certain underwriters at Lloyd’s and other insurers.

Welcoming Emma to the company, Fiducia CEO, Gerry Sheehy, said: “Emma’s personable and professional approach means she aligns perfectly with the can-do attitude we have at Fiducia to support our broking partner relationships.

“Her experience within broker positions means she also understands the importance of having access to reliable underwriting support which prioritises service levels.

“Our expert team offers this in abundance and Emma’s support will become a vital asset in helping us cement our market-leading underwriting offer for our specialised markets.”

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Although cargo losses are a year-round, 24/7 issue, the increased activity ahead of Christmas serves as a useful reminder of the risks cargo faces as well as helping illustrate effective management strategies amongst insurers and freight forwarders.

Here, Development Underwriter Mike Hall has taken the familiar carol ‘The Twelve Days of Christmas’ to chart the hypothetical progress of a shipment of a pair of trainers from a leading global brand on their journey from the factory in the Far East to their final destinations throughout the UK.

On the 1st Day of Christmas, my true love sent to me…        

One 40ft container carrying 20 pallets of trainers from a leading US brand arriving in Rotterdam.

These goods were manufactured in Vietnam and loaded onto a container vessel in the terminal of Vung Tau before starting their journey west.

This is the case with most goods as according to the International Maritime Organisation, 90 per cent of the world’s trade is conducted through maritime transport.

The journey from Vung Tau to Rotterdam took four weeks, with multiple perils throughout the voyage.

Throughout its journey, the cargo faces a multitude of risks. Some are environmental and others are from humans encountered along the route.

Freak weather and natural catastrophe events such as earthquakes, volcanic eruptions, windstorms, wild fires and tsunamis can damage, destroy and/or delay cargoes.

Over the last decade or so climate change appears to be making these events more frequent and severe.

These include:

• Extremes of temperature, precipitation and/or wind
• Localised cloud bursts
• Tornadoes
• Freak waves

On the 2nd Day of Christmas, my true love sent to me…       

Two SDR/kg goods liability for the UK-based freight forwarder

Having arranged the import to Rotterdam, the freight forwarder must now get the goods to its UK customer’s premises.

It is estimated that there are about 65 million intermodal shipping containers currently in active use worldwide.

Transporting these is a global container vessel fleet of 5,855 ships as of July 2024, up from 4,966 in 2011.

This shines a light on the sheer scale of the global maritime trade, but it also highlights that although incidents resulting in losses do occur, they are relatively uncommon, demonstrating the need for appropriate cover from specialised providers.

It is estimated that more than 20,000 containers have been lost overboard in the last decade. Some incidents include a CMA CGM vessel which recently lost 99 containers in a storm. This came during a period of storms across the South African coast which impacted shipping and cargo.

Although rare, an example of significant losses in a single incident was in July 2023 near Taiwan when the 1,262 TEU (twenty-foot equivalent unit) container vessel Angel sank, resulting in the loss of 600 containers.

On the 3rd Day of Christmas, my true love sent to me…        

Three UK hauliers arriving at Rotterdam port to collect the 20 pallets of trainers.

The goods were offloaded from the vessel 48 hours ago but they remain in the “ordinary course of transit” and therefore the cargo cover has remained in force.

Another significant risk faced by cargo is loss or damage from fires or explosions in ports or at sea.

In 2023, we saw on average one container cargo fire every nine days, according to statistics from the Cargo Incident Notification System (CINS). This is an increase compared with 2020, when the number was approximately one container fire every two weeks.

A reason behind why this has become a greater issue is the transportation of lithium batteries. Many people might ordinarily associate this risk with cars and the growing number of electric vehicles being transported.

While this poses a risk for dedicated car transportation and haulage, lithium battery fires can also impact mainstream cargo. This is particularly acute with cheaply made lithium-ion batteries and common culprits include cheap children’s toys such as hoverboards and non-manufacturer-approved replacement laptop batteries.

These batteries are more volatile and prone to combusting and are an example of a hidden hazard at risk of being undetected or being mis-declared in shipments, putting other cargoes and the carrying conveyance at risk.

On the 4th Day of Christmas, my true love sent to me…        

Four lorries making their way across the North Sea by freight ferry. Goods are theft attractive but they are safest at sea.

Fire risks also highlight accumulation issues faced by marine cargo where loss exposure around one event spreads to multiple cargoes.

The average capacity across the container vessel fleet is 4,600 TEU, but the size of ships is growing with 121 in use which can carry 20,000 TEU or more.

This is particularly pertinent given accumulation risks. So, for example a fire in one container can spread very quickly to dozens, if not hundreds, of others, resulting in significant losses for other cargo owners.

For cargo managers, ensuring that they are not transporting dangerous materials to address accumulation risks relies on the honesty and full disclosure from cargo owners and represents a significant challenge to enforce.

In the case of significant incidents putting cargo at risk, General Average might be declared. This is a long-established principle in maritime law which requires a contribution from all cargo owners where goods were saved to cover the losses of those whose goods were sacrificed in an incident.

Cargo jettisoned to prevent a vessel from becoming a total loss, or cargo damaged by water used in extinguishing a fire on board ship provide examples of General Average sacrifices. A recent case was with the Maersk Frankfurt container vessel following a fire in July 2024 off the coast of India.

Accumulation risks and General Average illustrate the importance of ensuring appropriate cover is in place in the event of an incident.

On the 5th Day of Christmas, my true love sent to me…        

Five pallets safely delivered to an Essex-based distribution centre of a major footwear retailer.

The ferry docked in the early hours, the drivers were all able to rest whilst onboard and reset their legal driving hours limit during the crossing.

Despite cargo facing real threats from fire, rough weather, geopolitical tensions and natural catastrophes whilst onboard vessels, they are viewed as being pretty safe in the eyes of the underwriters.

However, once cargoes come into close proximity with humans, the risk of loss is arguably heightened. For example, we drop things and some of us may be tempted to steal things.

Whether it is organised, highly enterprising gangs or opportunistic thieves, crime is a major issue.  According to the latest Annual Cargo Theft Report, road transportation accounts for the most common mode of cargo crime with 71 per cent of incidents.

Road cargo theft highlights the importance of Standard Operating Procedures (SOP) being agreed and documented as a collaboration between goods owners, underwriters and logistics partners. These can include specific references to route(s) hauliers can take to avoid known accident blackspots, narrow roads, low bridges and other overhead obstructions such as road signs, street furniture and trees.

The SOP may also stipulate where to stop for rest breaks, the ability or otherwise to sub-contract out deliveries and how the goods handover process should be conducted to ensure that the goods are delivered to the rightful recipient.

On the 6th Day of Christmas, my true love sent to me…        

Six lorries which have had their curtains slashed and goods pilfered whilst parked up at a motorway service station on the M25.  

Although they are easier and quicker to load and unload, curtain sided lorries do pose a bigger risk of cargo theft compared to hard-sided trailers with double rear doors.

An L-shaped scar on a curtain reveals an opportunistic cargo theft. A sharp knife can slash the curtain in seconds to expose the contents and for the thief to quickly establish if the contents are worth stealing or not.

To address this, some policies may stipulate the use of hard-sided trailers to reduce the risk of losses occurring this way.

A hard sided trailer can be reversed up against a wall or building to afford better protection for the contents when parked up. This is an example of behavioural risk management which costs nothing but a little forethought.

Furthermore, with these types of vehicles, it is common practice for hauliers to load more valuable items closer to the cab in more inaccessible locations. This means cheaper goods are placed closer to the rear doors, resulting in fewer losses if an opportunistic thief targets the vehicle.

On the 7th Day of Christmas, my true love sent to me…        

Seven pallets at the retailer’s warehouse near Manchester. These were delivered after the haulier used their own secure yard off the M40 in Oxfordshire as a safe overnight stop.

A common risk which can leave cargo owners vulnerable is the abuse of freight exchanges. These are online platforms which connect companies who need goods to be delivered with hauliers looking for work or a “back load”.

A rogue haulier can register with a freight exchange and perform several perfect deliveries to earn good reviews. When the rogue haulier gets a more valuable load to deliver that’s when they strike and disappear with their stolen load.

Addressing this is Standard Operating Procedures within policies and a ‘no subcontracting’ clause. This will ensure the same hauliers and their drivers are responsible for the cargo throughout its journey.

On the 8th Day of Christmas, my true love sent to me…        

Eight thieves breaking into the Manchester warehouse resulting in pallets being stolen and an estimated £750,000 loss.

The theft included stealing a loaded van which was due to carry out a delivery run that morning. The incident has been reported to the police and insurers.

A loss of this scale could have been down to an “inside job” where a dishonest employee was working in partnership with organised criminal gangs.

This employee provided detailed insights to the gang including site layout, security measures and what products are being stored and where.

This demonstrates the importance of robust physical security and operating practices amongst hauliers to limit the potential of rogue operators and criminal gangs.

Steps to address this risk include behavioural risk management measures such as robust employee monitoring and checks alongside educating all colleagues about deceptive practices to encourage vigilance.

On the 9th Day of Christmas, my true love sent to me…        

Nine retail sites across the UK receiving goods to support the pre-Christmas boost in sales.

At this point, the cargo cover ceases as the trainers have been delivered to the retail site.

In their journey from the Far East to Rotterdam, across the North Sea to the UK and then throughout the logistics network of distribution centres, the trainers have faced significant risk of losses before arriving in the shops.

On the 10th Day of Christmas, my true love sent to me…      

Goods from the warehouse robbery begin to appear across the country as well as on online auction sites.

Goods like high-end trainers are lucrative items for thieves as they are in high demand from consumers and they can be easily sold on by criminal gangs in areas such as online marketplaces, car boot sales or dubious public houses.

This means that there will always be a market for thieves, driving them to target cargo networks.

On the 11th Day of Christmas, my true love sent to me…      

11 updates from the police saying they have made no progress in identifying the culprits or recovering the stolen goods.

With the police resources stretched and focused elsewhere, this can further incentivise criminal gangs to target cargo.

This means that the focus for cargo owners, freight forwarders, insurers and underwriters to prevent thefts from taking place is critical as well as ensuring adequate cover is in place if incidents occur.

On the 12th Day of Christmas, my true love sent to me…      

My trainers under the Christmas Tree at No. 12 Festive Road.

The global logistics and supply chain is a fundamental driver of our economy, and operators in these sectors provide a vital service which is often overlooked by the general public.

Although we’ve highlighted the risks faced by cargo as it journeys on both sea and land, its’ important to remember that operators are also vulnerable and deserve our recognition, especially during the festive season.

Our Cargo underwriting facilities include policies for Marine Cargo, Freight Liability and Combined Liabilities. These are supported by experienced and knowledgeable underwriters who can provide competitive policies with price and cover levels with market-leading service.

To find out more and discuss your cargo cover requirements or risk management needs, contact our  Underwriters

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Within the Engineering sector, tool theft is one of the most critical issues facing clients today, requiring appropriate cover and proactive risk management to mitigate losses.

Here, Development Underwriter Rachel Lilliott discusses the scale of the issue, key loss prevention strategies to help the Insured and what underwriting facilities from Fiducia are available.

Tool theft – a perennial and growing issue

According to the contractor community platform On the Tools and its whitepaper Tradespeople against Tool Theft, 78 per cent of tradespeople have experienced theft, with only one per cent fully recovering stolen equipment.

To put this into perspective, research from Direct Line Group found that in 2023, 44,154 incidents of tool theft were reported – or one every 12 minutes.

The government has attempted to address this issue through the Equipment Theft (Prevention) Act 2023, which targets thieves by measures such as restricting tool selling at car boot sales – a common offloading site. Time will tell whether this new law will tackle the demand and supply of stolen tools.

Ultimately, tool theft has significant consequences. A thief only needs to be lucky once, whereas tradespeople must be vigilant against the risks 24/7 to prevent loses and ensure they are covered when/if they become victims.

What tools do thieves target?

The On the Tools survey found that on average, a UK tradesperson is likely to have between £1,000 and £5,000 worth of tools stolen in just one incident.

Police data also highlights the variety of tools which are stolen. For example, an extensive investigation by Kent Police resulted in 3,500 stolen items being recovered. Types of tools in this ‘haul’ included drills and impact drivers, saws, angle grinders, generators, batteries and chargers.

Vehicles: a prime target

Although tools can be stolen from contractors both off and on site, vehicles are amongst the most prolific targets for tool thieves.

According to MoneySuperMarket, in London alone, tool thefts from vans have risen by 60 per cent in the last three years, from 7,646 in 2020 to 12,285 in 2023.

Tools can be stolen from vehicles at any time, but the risks are at their greatest when stored overnight.

So how can the Insured manage their risk exposure?

Hotel “secure” car park diligence

When contractors work away from home, many will look for overnight hotel accommodation and park their vehicle in the facilities provided. However, this often presents a significant risk exposure as criminals often target these sites.

Many hotels will advertise their parking facilities as “secure” to attract guests, with signs and visible security measures throughout. Yet this does not necessarily mean that it is “secure” from an insurance perspective, as these claims cannot be guaranteed.

It may, in fact, lead to complacency and a false sense of security from the Insured.

This highlights how diligence is essential. So what can the Insured consider when selecting a “secure” hotel car park?

• Don’t assume barriers and fencing mean a car park is secure – these might help prevent a van from being stolen, but it may not hinder a thief from accessing a car park and carrying away tools
• If there is CCTV, confirm with hotel managers that it is functioning and park vehicles in a visible, well-lit location.
• When exploring accommodation, select sites which are Park Mark® This is part of the Safer Parking Scheme which uses police assessors to inspect car park safety and security measures. Park Mark® facilities have reported an 80 per cent drop in vehicle related crime.

Security steps to consider

Alongside vigilance when identifying car park facilities, there are additional steps for the Insured to consider to help mitigate tool theft losses.

On vehicles:

• Upgrade lock and alarm systems and install window grills and bulkheads
• Install secondary alarms not controlled by the central locking system. These cannot be disarmed by thieves accessing the vehicle control panel or by ‘hacking’ central locking system signals

On tools:

• Use a property marking kit with tools and register items on a database to aid identification and hinder-resell efforts. For example, Immobilise™, Datatag™ and SelectaMark™.

When parking up:

• Where possible, park with the vehicle’s loading doors backed against a wall to prevent access and tools being unloaded
• If a vehicle fails to lock when the fob is pressed, this could be a sign that the signal is being blocked or jammed
• Always investigate quickly when an alarm goes off. A common tactic thieves use is to activate alarms to test reactions

Ensuring the right cover with Contract Works from Fiducia

To complement risk mitigation strategies, it is essential that tradespeople have access to the right cover when losses occur.

This is why our Engineering portfolio is flexible and designed to help meet the needs of the Insured.

Our Contract Works facility, available to broking partners and sometimes referred to as Contractors All Risks, provides main cover for physical loss or damage while contract works are in progress.

The policy benefits are far reaching and designed to cover a broad range of risks.

Flexibility comes from its extension abilities to include employee tools arranged either for the principal, contractor or sub contractor on an annual basis.

Alongside flexible cover and competitive premiums, broking partners have access to market leading service levels from experienced, empowered Underwriters.

Want to know more?

Our Contract Works facility is part of our Engineering portfolio of underwriting products. Our experienced and knowledgeable underwriters can provide competitive policies with price and cover levels.

To find out more and discuss your specialised cover requirements or risk management needs, contact Rachel Lilliott on M: +44 795 182 8317 or E: rachel@fiduciamga.co.uk. To learn more about our expert Underwriters, click here.

The post A spotlight on vehicle tool theft: risk management and underwriting support appeared first on Fiducia MGA Limited.