A subsea-replaceable fuse assembly has at least one fuse and a wet-mateable fuse connector element. The connector element is arranged to connect the fuse assembly to a subsea electrical load requiring protection of the fuse. The fuse connector element has conductor elements that are electrically connected to the fuse. A corresponding method of protecting a subsea electrical load includes connecting a fuse to the load underwater in a wet-mating operation effected between connector elements that are electrically connected, respectively, to the fuse and to the load.