The term “underwriting” was first coined in the 1600s at Edward Lloyd’s coffee shop in London, frequented by ship owners, merchants, and captains. On the wall of this coffee shop was a board, on which the details of trade voyages were listed. Individuals seeking to insure the risk for the journey would physically write their names under the relevant sections of the board; hence, the term “written under” or “underwriting” emerged to describe both the practice and the practitioners. This coffee shop would ultimately grow into the first modern insurance market in the world, Lloyd’s of London.
As a family-owned and operated business, and through our strong partnership with Lloyd’s of London, we understand the importance of tradition—and that no matter how humble the origins, there is potential to build something innovative and extraordinary, as was the case with Lloyd’s.
We draw on the history and heritage of excellence within the marine cargo industry to hold ourselves to a higher standard than other carriers. While many carriers strive to be a one-stop-shop for every potential line of coverage possible, we take a different approach. We believe that to be an insurance generalist is to spread ourselves too thin, and so we focused our efforts on becoming a specialized provider exclusively within the marine cargo market.
We actively contribute to the industries we specialize in, in order to improve our product and offering. Falvey Cargo is a contributing member of the following organizations:
- American Institute of Marine Underwriters (AIMU)
- Board of Marine Underwriters San Francisco (BMUSF)
- Canadian Board of Marine Underwriters (CBMU)
- International Union of Marine Insurance (IUMI)
- The Council of Supply Chain Management Professionals (CSCMP)
- The American Society of Industrial Security (ASIS)
- The Transported Asset Protection Association (TAPA)
- Marine Underwriters of Southern California (MUSC)
- Marine Insurance Association of Seattle (MIAS)
We incorporate our experience and thought leadership within these industry organizations to inform and expand our underwriting and loss prevention services on an ongoing basis.
Voted as a “Best Place to Work in Rhode Island,” four years in a row by our employees, as well as a winner of the “Best Places to Work in Insurance” award from Business Insurance every year since 2010. Our employees’ unwavering dedication and commitment to personal and professional excellence are represented in our work.