Falvey Cargo underwrites marine cargo coverage in three cargo industry segments: General Cargo, Life Sciences, and Technology.

General Cargo

Working with our broker partners, we evaluate the unique risks and needs of a client’s cargo exposures and go the extra mile to find a solution. Through broad insuring conditions and flexible valuation, our clients can depend on us to provide the coverage they need for all of their general cargo. We provide worldwide coverage for goods in transit, including worldwide inland conveyances reducing the need for locally admitted policies. Where local policies are regulatory mandated, we ease that burden for our broker partners and clients, by arranging these policies in over 160 countries.

Coverage at a glance:

  • All risk of direct physical loss or damage
  • Coverage for loss/damage arising out of spoilage and decay
  • Flexible valuation
  • Worldwide Inland Transit included
  • Broad ‘Control of Damaged Goods’ clause
  • Drop shipment coverage
  • Warehouse-to-Warehouse coverage including loading/unloading
  • Exhibition/trade fairs coverage
  • Installation coverage
  • Salesperson samples coverage

Technology

Falvey Cargo is recognized as the leading authority on cargo underwriting for the technology industry, including everything from semiconductors to solar panels, and all of the equipment that manufactures and tests these products. Falvey Cargo offers a fully customized form to address all the unique variables associated with the transport and storage of technology goods. We provide worldwide coverage for goods in transit, including worldwide inland conveyances reducing the need for locally admitted policies. Where local policies are regulatory mandated, we ease that burden for our broker partners and clients, by arranging these policies in over 160 countries.

Coverage at a glance:

  • All Risks of direct physical loss or damage
  • Coverage for loss/damage arising out of spoilage and decay
  • Broad merchandise description
  • Flexible valuation
  • Worldwide Inland Transit included
  • Broad “Control of Damage Goods” clause
  • Drop shipment coverage
  • Warehouse-to-Warehouse coverage including loading/unloading
  • Exhibition/trade fairs coverage
  • Salesperson samples coverage
  • Concealed Damage
  • Brands and Labels
  • Consequential Reduction in Value
  • Warranty

Life Sciences

Falvey Cargo is the most trusted and experienced market for the life sciences industry. Our extensive track record working with sensitive pharmaceutical and biological cargo and medical devices allows us to provide coverage for loss of product integrity throughout the supply chain.

Falvey Cargo offers a life sciences-specific form to fully address all of the unique variables associated with the packaging, transit, and storage of life science goods, from early stage clinical trials to full FDA approval.

Coverage at a glance:

  • Insuring Conditions: Most bulk and finished pharmaceuticals are temperature sensitive at some point in the supply chain so it is important to consider coverage for loss or damage due to change in temperature for goods in transit and in storage. A Falvey Cargo stock throughput policy provides seamless spoilage and deterioration coverage for the full limits required, without sub-limit for spoilage.
  • Contract Manufacturers and Third Party Providers: Most pharmaceutical companies utilize third party vendors for source materials and/or manufacture of their product, so a stock throughput policy that provides worldwide coverage for storage, processing, and distribution of all goods in the supply chain is equally important. Third party logistics entities often do not insure goods in their care, custody, or control, and will only offer a remedy for any spoilage or damage resulting from their gross negligence in amounts typically far below the actual value of the goods. Falvey Cargo will insure materials and inventory at third party locations under a stock throughput to address any covered loss or damage while under the care custody or control of a third party vendor,
  • Selling Price Valuation: Falvey Cargo can provide selling price valuation on regulatory approved product and does not require that finished products be “presold.”
  • Control of Damaged Merchandise Clause: Following a loss, determining whether or not a product’s integrity is compromised may be beyond our client’s control. This coverage puts that decision in our client’s hands, rather than a governmental regulatory body’s (such as the FDA).
  • Extra Expense: Includes compensation for expenses over the normal cost of business necessary to continue the Assured’s operation after a covered loss.
  • Research Animals Coverage: Provides coverage for animals in transit, used in research and development operations.
  • Location and Processing Coverage: Most life sciences companies use overseas vendors for source material and/or manufacture of their own product, so a stock throughput policy that provides worldwide coverage for all goods in the supply chain is equally important. Falvey Cargo offers unscheduled limits for location and processing coverage.

Case Studies

A Falvey Cargo Assured in the technology sector recently reported that a truckload of product had been stolen in Tennessee. The ProTecht team (claims, loss prevention and recovery services) quickly mobilized a cargo theft taskforce team and contacted several law enforcement organizations in the vicinity of the theft, as well as in Florida where the stolen goods were likely to be directed. With outstanding coordination and a small amount of luck, the stolen truck was discovered in Northern Florida with all of the product intact. Law enforcement agencies involved cited Falvey’s expeditious role and the ability to provide complete and accurate information in the very early stages of this dynamic investigation as the key to the truck’s discovery. The assured was able to avoid a $550,000 loss, as well as the inconvenience that such a loss would have caused for its customers.

ProTecht Loss Prevention Finds Stolen Cargo

Falvey Cargo Insurance bound a marine cargo policy with a new Assured in the pharmaceutical industry that had previously been denied significant claim by another underwriting insurer. The Broker and the Assured were attracted to the breadth of consultative services provided by Falvey’s ProTecht Risk Solutions loss prevention team. An aggressive risk management program was launched to evaluate existing processes and procedures and to improve overall SOPs. Within the first six months, Falvey’s loss prevention consultant was able to review details of prior claims involving liquid product leakage and suggest several corrective actions to prevent future problems; analyze transportation and logistics service agreements and suggest improvements to the contracts under negotiation; propose changes in packing configuration for shipping bulk drug substances; and take several other key actions that would improve future practices.

Loss Prevention Team Advises Assured

A Falvey Cargo Assured operating in South Africa tasked Falvey Cargo with the coordination of logistics for a series of especially valuable product shipments moving from mainland China to Johannesburg. Falvey's ProTecht loss prevention team conducted detailed fieldwork to evaluate the airfreight cargo flows for inbound product shipments from China arriving into Johannesburg airport (JNB), including customs processing services for inbound goods into South Africa; freight forwarding service upon arrival in Johannesburg; ground handling service at JNB; coordination of logistics and security services for transit from JNB; and cross-dock and warehousing considerations.

ProTecht Team Helps Improve Security in Dangerous Environments

A Producer contacted Falvey Cargo Insurance with a rush request for a client engaged in pharmaceutical research and development of treatments for rare diseases. Due to the unique specifications of this drug, the Producer required extensive coverage for loss/damage arising from spoilage/delay of goods in transit, as well as for goods in storage. Thanks to Falvey Cargo Insurance's deep experience in the life science vertical and through our specialized coverages, our Underwriter was able to provide the Producer with an indication for a stock throughput within hours, well ahead of the night's dinner plans.

Providing A Much-Needed Stock Throughput Estimate in a Mere Number of Hours

Falvey Cargo Insurance was contacted by an Account Executive who had just been named the new BOR for a technology account specializing in the development of unmanned aerial vehicles (UAVs). The company’s prior coverage was restricted by throw-in limits which excluded coverage for overseas shipments, a critical aspect of the client’s business. The Account Executive also needed to extend coverage to goods of others, as the client often received requests to upgrade and/or modify unmanned aerial vehicles owned by other parties (most of them military). Our Underwriter was able to draft a custom policy that provided both a stand-alone cargo policy with worldwide coverage for goods in transit, as well as coverage for the non-owned goods that the client was responsible for insuring. Falvey Cargo Insurance’s comprehensive, technology industry-specific coverage options provided the Account Executive with peace of mind that the Assured’s needs would be exceeded, and solidified the relationship with a valuable new client.

Creating Custom Policies for Assureds in their Crunch Time

  • Their loss prevention services go above and beyond the competition providing my customers with the peace of mind they need. Added to that is their clear policy language and straightforward claims handling process. I know, and my customers know, that with a Falvey Cargo Insurance Policy, you’ll never get the run-around.

    — Nationally Recognized Broker

  • Falvey Cargo is always our go-to for transit needs. Thanks for being so responsive and helping us provide solutions that meet the client's need.

    — Regional Broker