Discover how MGA Fiducia is broadening its risk appetite to enhance combined liabilities coverage, ensuring robust protection strategies.
Fiducia, a specialty insurance managing general agent (MGA) headquartered in Leeds, is enhancing its combined liabilities insurance portfolio to cater to a broader spectrum of contractor clients through UK brokers. This expansion includes coverage for builders, groundworkers, plant hirers, skip hirers, and contractors specializing in electrics, plumbing, heating, and ventilation. These offerings complement the existing coverage that includes employer’s, public, and products liability.
The decision to broaden its risk appetite comes on the back of robust performances by Fiducia’s combined liabilities and commercial combined insurance solutions, which were initially targeted at hauliers, couriers, and warehousekeepers.
Fiducia will now provide a commercial combined policy specifically designed for contractor trades. This policy offers protection against material damage, business interruption, business all risks, and commercial legal protection. While primarily aimed at small and medium-sized enterprises (SMEs), the policy can also be considered for larger risks.
David Heeney, Underwriter at Fiducia, remarked, “We have witnessed a significant uptake of our Combined Liabilities product among our broking partners, particularly those serving clients in supply chain and logistics. Therefore, it makes logical sense to expand our horizons, complementing our core Engineering products such as Contract Works and Contractors Plant.
Furthermore, a major attraction is our sustained ability to meet client needs, especially those facing substantial rate hikes despite maintaining a low-risk profile, by underwriting and pricing based on individual risk assessments. By extending our risk appetite to encompass a wider array of activities, we empower our broking partners to offer competitive coverage with market-leading capacity and service levels.”
Gerry Sheehy, Chief Executive at Offcre, Fiducia, added, “Similar to many business sectors, our contractor clients are encountering evolving risks. We aim to ensure our broking partners have access to the appropriate underwriting support.
As an MGA, expanding our Combined Liabilities coverage allows us to better support our broking partners and their clients. This initiative reinforces our ‘can do’ reputation within the specialized insurance market, providing a one-stop solution for Combined Liability, Commercial Combined, Contract Works, and Contractors Plant. We eagerly anticipate collaborating with our broking partners who have existing clients and business due for renewal in the trades we can now support, or for those exploring new market opportunities.”
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