The Leeds-based firm has revealed a new combined liability insurance product designed specifically for hauliers and warehouse keepers, as part of its focus on providing for the marine cargo, freight and engineering sectors.
“This is very much aimed at well-managed hauliers and warehouse keepers as we are seeing that these types of clients are not being recognised at renewal by the incumbent insurer who are applying a broad-brush rating increase,” said underwriter David Heeney.
The underwriter described the new product as a “natural fit” alongside the MGA’s existing freight liability (Goods-In-Transit) offering for hauliers.
“Our broker partners have been asking us for this as they want one point of contact for EL/PL/GIT, and it is something we are in a position to provide and meet those needs,” he said.
There are also more product launches planned for the coming months, Heeney revealed to Insurance Business.
“At Fiducia, we’re always looking at different products to launch and to expand our product distribution,” he said.
“We are continuing to look at more product launches throughout the year. Over the next six months, there will be at least one more additional product launch.”
Since its formation 18 months ago, Heeney said the MGA has built strong relationships with respected brokers across the UK.
For the new offering, he said Fiducia had worked hard with its capacity providers to “create a cover that ticks the boxes that the brokers and, more importantly, their clients were requesting.”
“The product is very competitively priced, which recognises the current issues the clients have in terms of the business environment. It comes with the reassurance of A rated security and also Fiducia’s usual excellent market leading service in terms of quote response time and documentation issuing,” he said.
“For brokers, it also comes from a firm whose underwriters actively want to discuss the risk to tailor to the client’s real needs and circumstances, rather than an online tick box exercise.”