Specialty insurance managing general agent (MGA) Fiducia is providing a marine equipment underwriting facility for UK brokers.
The UK-based MGA’s offers cover for all risks of physical loss or damage to marine and subsea equipment, backed by Lloyd’s of London syndicates and key insurance companies.
The solution maintains increased cover requirements for high-value equipment being transported by vessels and used in offshore projects. This includes sustainable power generation projects, such as offshore wind farms or tidal systems. These are being progressed to help the UK achieve its 2050 net zero targets.
The new marine equipment capacity is also designed to support North Sea oil and gas operations.
The policy provides cover whilst marine equipment is in transit, in store, topside aboard vessels or operational in water on a 24-hour basis.
Additionally, remotely operated vehicles, unmanned surface vehicles, autonomous surface vehicles, autonomous underwater vehicles and gliders are covered by the solution.
Commenting on the UK’s move towards green energy and driving investment in off-shore projects, Fiducia underwriter Scot Dowson says:
“It is critical that all off-shore project clients ensure they have the right cover against risks faced by high-value equipment involved in these operations. Our marine equipment product has been designed with this front-of-mind for established marine energy operators alongside emerging players.”
