Working hand-in-hand with claims personnel, Falvey Cargo’s marine cargo recovery experts are extremely aggressive in their attempts to mitigate a loss. Whether they are focused on the physical recovery of stolen products, attempting to obtain settlements for damaged goods (through auction markets or salvage vendors) or are processing legal actions against logistics providers under rights of subrogation, Falvey Cargo’s recovery staff is tenacious in the pursuit of financial mitigation of an assured’s claim.
Company Wide Collabortation to Recover Your Assets
One of the primary philosophical principles of ProTecht Risk Solutions is “collaboration” – and that is perfectly exemplified by the close interaction of Falvey Cargo’s claims and recoveries professionals. Falvey Cargo’s claims staff manages the entire claims process in very close collaboration with Falvey Cargo’s recoveries group with the goal of retrieving lost or stolen goods, or where applicable, by finding a suitable salvage market for damaged products. In fact, Falvey Cargo has institutionalized its rapid response to large thefts and hijackings by the close alignment of the ProTecht management team. Coordinated by recoveries management, the rapid response process is designed to instill collaboration amongst Falvey Cargo’s experts in claims, recoveries and loss prevention as well as with applicable law enforcement agencies worldwide. As one example of the success of the rapid response process, one of Falvey Cargo’s assureds had a truck loaded with computer monitors valued at $1 million stolen from a freight yard during the Christmas sales season. Falvey Cargo’s rapid response team immediately engaged a team of investigators who were able to locate one-third of the stolen shipment while it was being re-packed by thieves for overseas shipment. A large quantity of the cargo was promptly returned and made available for sale within the holiday season.
Aggressive Pursuit After Paying Your Claim
Once a claim is processed and paid, our recoveries group continues to aggressively pursue the party-at-fault to recoup the loss or at least a significant portion of it. As part of this process, Falvey Cargo is subrogated to our assured’s rights and as such, will seek legal remedies to pursue the responsible carrier in order to recoup financial losses (legal action is vigorously pursued as a matter of course). When successful, the result is a reduction in the “loss history” for our assured which in turn may reduce future insurance premiums.
Consultative Follow up After Your Recovery
It is important to understand that the ProTecht process doesn’t end there. Since Falvey Cargo’s recovery experts are intricately involved in understanding the contractual agreements between our assureds and their logistics providers, they become keenly aware of what legal stipulations could be changed or what contractual improvements might be possible. Frequently, the recoveries staff interacts with Falvey Cargo’s loss prevention consultants to recommend improved, best-in-class standards for contractual verbiage that might be considered by our assureds during an approaching renegotiation with a specific logistics provider. These recommendations are often focused on improvements in the modification of the contractually stipulated standards-of-care or an escalation of the agreed upon limits-of-liability of the carrier in the event of damage or loss of the cargo.
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.
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.
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.
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.
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.
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.