Fiducia launches marine equipment capacity to UK brokers as sector sees significant growth

October 5, 2023

The UK’s move toward self-sustaining energy provision is creating new opportunities and markets for brokers and insurers alike.

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.”

Download factsheets on product information and contacts