Marine Equipment Launch Builds on Market Strengths
Leading specialty MGA, Fiducia Underwriting is pleased to announce the launch of a new marine Equipment product backed by a leading Global Insurer (AA+ S & P rating).
The new product comes at a time when the UK marine market has seen a number of changes in risk appetite and capacity withdrawals, a situation that Fiducia CEO Gerry Sheehy said has created a new demand from brokers seeking alternative quality coverage for their clients.
The new product offering will provide all risks of actual physical loss or damage to the Insured’s equipment on a 24/7 basis whilst engaged in operational activities, whilst in transit and in store. Many other types of insurance are available however most do not provide for equipment being in use in water which is why specialist cover is required.
Target equipment is wide ranging and includes geotechnical equipment of all kinds, ROV’s, trenchers, ploughs and the full spectrum of commercial diving equipment. Saturation dive systems, A-Frames, winches, carousels, & lay systems are also in scope. Critically, the new product will also cater for marine renewables, pollution control equipment, buoys, submarines, ocean bottom seismic nodes, AUV’s, ASV’s & USV’s.
The marine equipment industry continues to be fast developing and at the cutting edge of technological innovation across sectors including scientific research, climate change & renewables as well as the more established offshore oil and gas industry. The speed of change & growth is creating new opportunities and challenges for both equipment owners & operators and with this has come calls from insurance brokers across the UK for comprehensive and specialist cover.
“The launch of our new Marine Equipment policy comes at a significant time for Fiducia and its broker partners,” explained Mr Sheehy. “The marine market is looking at how it can use new ways of working and technology to drive efficiencies. It requires experience and knowledgeable underwriting given the scale, scope and complexity of the risks that this product will cover and as such we are delighted to be working with a specialist team of underwriters who have a demonstrated history of working within the marine insurance industry. Skilled in subsea & marine equipment insurance with a demonstrable track record of underwriting success and product development”.
Mr Sheehy added: “We are fully aware of the risks that our clients’ face and how best the insurance market can support those clients as they seek to grow their businesses and implement some of the new technology that has been shown to make such a difference to their operations.
Fiducia have a culture and an approach in which we look at what we can do to support our clients rather than adopt the approach of limiting risk appetite. The new marine equipment product has been designed to meet the needs and challenges faced by companies across many segments. Since its formation we have started to build a reputation as a specialist underwriting group and this product which will be promoted across our extensive UK broker distribution channel complements that situation”.
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