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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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.

The post Getting the most out of terrorism cover to meet business risks appeared first on Fiducia MGA Limited.

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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Be it an increase in the capacity of the current North Sea oil and gas operations or the creation of sustainable power generation via offshore wind farms or tidal systems, it has seen a significant uptick in the amount and value of equipment carried on vessels to support those projects.

Following a highly successful pilot with a number of partners Fiducia is rolling out its Marine Equipment product to all its broker partners.

Fiducia’s Underwriting facility for the product is supported by a leading, and strongly rated Insurance Company.

Our exclusive product provides comprehensive cover for All Risks’ of physical loss or damage to marine and subsea equipment whilst in transit, in store, whilst topside aboard vessels or whilst operational in water on a 24/7 basis.

“Current events have gone to highlight the UK’s determination to secure the country’s energy future,” says Fiducia’s Scot Dowson. “There has been much talk of the move to a net zero energy provision by 2050, and whilst it has prompted a huge investment in offshore wind and tidal power as part of that sustainable future the next three decades will require oil and gas to play a role in the country’s energy systems.

“We are already seeing new enquires and opportunities around the transport of equipment to these projects and we expect that the market will only grow. At Fiducia we are keen to collaborate with brokers who have clients who are part of this transition. We understand the need for comprehensive, bespoke and secure insurance protection”.

“Fiducia has 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.”

Fiducia is keen to work with clients in a wide range of trades, these include:

• Commercial Diving Contractors
• Offshore Service Contractors
• Aquaculture Service Contractors
• Oil and Gas Exploration Services

• Offshore Wind Farm Servicing and Inspection
• Marine wave and tidal renewables

• Universities and Colleges
• Oceanographic Mapping and Monitoring
• Environmental Safety/Pollution Control
• AUV, ASV, ROV, USV & Gliders

Fiducia believes that brokers who look to engage with those clients who are gearing up to take advantage of the opportunities now, will reap significant future benefits.

“There are two types of clients we believe brokers need to identify. Firstly it is those who are already established in the more traditional marine and energy trades who are now looking to meet the challenge of transitioning to new and sustainable marine and energy operations,” Scot explains. “The second are those newly formed companies which are focused on the provision of services to the rising number of  renewable energy projects.

“We understand the risks and the need for solutions. As such we are keen to hear from brokers who already have established books or are looking to develop their business in these new areas.”

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As the economy and risks clients face continue to change our combined product is continuing to meet the growing and flexible needs of clients across the country. Our ‘can do’ approach and attention to detail has paid dividends for our brokers.

The capacity that supports our cover is provided by a strong A rated UK insurer, which is fully committed to this class of business and is backed by Fiducia’s market-leading levels of service.

The product compliments Fiducia’s Freight Liability offering, to provide brokers with complete solutions for clients as risks change and the covers required continue to evolve.

We are committed to providing a quick response on quotes and policy documents, with full access to our underwriters and decision makers to discuss how we can help you meet the specific needs of your clients. For Fiducia it is not a simple yes or no. We want to help create solutions which make a difference to your business and that of your clients.

Despite the pressure on rates, we and our capacity provider are keen to support clients in what remain tough economic and operating conditions.

If you have business which is due for renewal or have been asked to review a risk, let Fiducia partner with you to retain or win the business and deliver a solution that truly meets the needs and risks of the client.

Please contact David Heeney
david@fiduciamga.co.uk
Tel 0113 831 4333

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The facility will be rolled out to the company’s partner brokers providing them with a product which will enable them to access a growing and lucrative market in the UK and beyond.

Backed by Lloyd’s Syndicates, the facility will enable Fiducia to deploy up to a maximum liability or sums insured of $10 million ( circa £8 million) per risk. It comes following a rigorous approval process and the creation of a product and wordings designed to support brokers who have never looked at this class of business previously.

The facility will also allow International Cargo Business to be written for risks located in the USA (on a surplus lines basis) and Switzerland. Reinsurance on a Worldwide basis is also permitted unless limited by International Sanctions.

Fiducia Underwriter James Bavin explains: “At Fiducia, we have established a suite of market leading and well recognised cargo covers and the fine art and specie facility was a natural extension of our underwriting operations.

“Like all our products the choice of partners was extremely important and we are delighted to have been able to secure capacity from two leading Lloyd’s syndicates who share not only our risk appetite, but also our focus on the delivery of the highest quality service levels.”

“We are keen to work with brokers who may not have thought of fine art and specie as a business in which they can participate. We are keen to work with our broker partners to access their client base to highlight the risks they face and the cover we can provide.”

Fine art and specie has always been seen as a sought after class of business but Fiducia and its capacity providers have identified there is a real opportunity for brokers as the approach from the major national and international brokers has shifted in respect of SME clients.

“We are increasingly seeing national brokers / underwriting entities looking to put minimum premium levels in place which has created a market of those clients which are not of a scale to meet the criteria,” James says. “As such it presents an opportunity for our regional broker partners. All they have required is a product and we are pleased to be able to provide them with a scheme which allows them to make the most of the opportunities.”

Fiducia will now be contacting its brokers to explain how they can help to access fine art and specie risks.

The new facility enables Fiducia to underwrite risks in the UK, US, Switzerland and business placed on a Reinsurance basis but the primary focus at present will be the UK.

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