The term fraglia is thought to have come from Venetian-Istrian dialect meaning guild, which could prove its association with marine and sport. Another hypothesis is that it is a contraction of the voices fratellanza and famiglia in mediaeval monastic Latin. Whatever the case it inspired d'Annunzio to name Fraglia della Vela the new independent section of the generic Fraglia Atletica Benacense.
Fraglia Vela Riva has been awarded the Stella d'Oro al Merito Sportivo (the gold star merit in sport). This award, established in 1933 by CONI, was presented to Fraglia for its 50 years of commitment and promotion of sport. This achievement is thanks to the dedication and passion shown by directors and staff over the years who have made Fraglia Vela Riva a success.