Fiducia launch new Storage Excess of Loss product
We are delighted to announce the launch of our new Storage Excess of Loss product which will be available from 1 January 2022.
Since our formation Fiducia has strived to build a reputation as a specialist underwriting group and we have in a short space of time become the market of choice for an ever expanding distribution channel of brokers across the UK.
As such we will listen to our brokers and increasingly, they have identified the increasing issues they have faced with securing the adequate level of cover for their clients.
As you are all aware the risk appetite of many of our competitors is changing and we are seeing their participation on some of the larger limit business reducing to relatively modest lines well below £10 million.
This has in some respects provided the opportunity of looking at larger limit business and in order to support our brokers and clients we have been working hard over recent months to establish the Excess of Loss arrangement.
It enables XOL risks to be considered, not only for Fiducia held or considered business but also for our brokers who are struggling to place such business where insurers have reduced their line size.
We have been able to access the support of a consortium of A-rated Lloyd’s capacity for the product with policies to be issued separately as standalone and mirroring the primary Insurers wording where applicable.
The underlying insurance is to be maintained in full during the currency of the XOL placement, while UK Territorial Limits apply in respect of goods of every description.
The cover will have an indemnity limit up to £20 million above a minimum retention level of at least £5 million under the primary policy.
We have discussed the issues our brokers face at length and believe our new product will provide the protection from major incidents that brokers have said they fear had the potential to erode the primary insurance policy.
Where a primary insurer may not be able to provide the limit of indemnity required, either through lack of available capacity or appetite, our excess of loss policy can top-up a business’s cover to the level sought.
The cover is designed for a wide range of businesses, from small local SMEs up to the largest multi-nationals, and we are keen to engage with you as to how best we can support your clients in the year ahead.
For more information please email firstname.lastname@example.org