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	Welcome! Falvey Cargo Underwriting is a full service cargo insurance underwriting company specializing in High Technology, Life Science and General Cargo accounts. Our underwriting authority is secured 100% with Underwriters at Lloyd's. We are committed to tangible solutions that make a difference and demonstrate this through our ProTecht division, which consists of Loss Prevention , Claims, and Recoveries; our Client Gateway; and our user-friendly web-based Technology platform.
	Technology At Falvey, we know the difference between a memory chip and an ASIC chip, between folding over or vacuum sealing electrostatic bags. Whether it's wafer boats, fab-less semiconductor manufacturers, or fiber optic equipment, Falvey has first hand-knowledge of the unique exposures facing our technology clients.
	Life Tech Every day we receive applications from clients developing exciting and revolutionary new medical technologies and life saving pharma products--from the latest innovations in cancer cures, to diagnostic kits and devices, to drugs that enable premature infants to breathe, to state-of-the-art robotic surgical devices.
	General Cargo Falvey's expertise is concentrated in the Technology and Life Tech industries, but if you're an Assured that falls outside of the Technology and Life Tech segments--not to worry--the goods that make the world go round warrant the same expert coverage as our more sophisticated cargo.
	Terrorism In response to our Clients’ growing concerns with the ever-changing political climate and increased requirements for terrorism coverage at static locations, Falvey Cargo Underwriting is pleased to partner with Lloyd’s Syndicates to offer cover for Terrorism at static locations worldwide up to $40,000,000 each location, each occurrence and in the annual aggregate. As always, our Assureds have the confidence of knowing their coverage is secured 100% with Underwriters at Lloyds; AM Best rated A (Excellent); and Standard and Poor’s secure rating of A+ (Strong).
	ProTecht Risk Solutions Falvey's groundbreaking Risk Solutions package. Aggressive, proactive and solution-driven, the highly-specialized ProTecht team travels the world to uncover new ways to maximize security and minimize loss. Working closely with our underwriters, they offer whatever-it-takes cargo protection that's outside the box and ahead of the pack.
	Client Gateway We've developed a website that permits our Clients to access a password-protected "Client Gateway." With a click of the mouse, Clients can submit applications for insurance quotes, submit first notices of loss with supporting documentation, view detailed policy information, obtain loss history reports and real-time claim status, and generate certificates of insurance. Best of all, the Client Gateway can be tailored to individual client's needs. To obtain Client Gateway access, please contact your Falvey Cargo underwriter.

About Us

What We Do

Headquartered in North Kingstown, Rhode Island, Falvey Cargo Underwriting is a covernote holder secured 100% with Lloyd's, London. Established in 1995, we specialize in innovative underwriting of technology and life tech products for clients of all sizes--from startups to Fortune 100 companies, providing global coverage with local service from our offices in Rhode Island, San Francisco, and London. With 100% security from Lloyd's, Falvey issues policies, settles claims and provides extensive loss prevention services. Today Falvey is one of the largest binding authorities in the Lloyd's market and is a nationally recognized leader of cargo insurance and service solutions for the technology and life science industries. Falvey personnel are active, participating members of the American Institute of Marine Underwriters (AIMU), the Inland Marine Underwriters Association (IMUA), the Transported Asset Protection Association (TAPA), the Council of Supply Chain Management Professionals and the American Society of Industrial Security.

Voted four years in a row by our employees as "One of the Best Places to Work in Rhode Island," our employees' unwavering dedication and committment to personal and professional excellence is what makes Falvey unique and separates us from our competitors.

Expertise

Through broad insuring conditions, flexible valuation, and coverage enhancements such as inclusion of coverage for goods in transit to, from, and while at Exhibitions and Trade Fairs; Concealed Damage; Control of Damaged Merchandise; and Packaging/Labeling/Branding Clauses, we provide tangible solutions designed for our Assureds' unique exposures. Falvey's underwriters, claims specialists, and loss prevention experts partner with our Clients to address the critical issues facing our Technology Assureds including the impact of Packaging, Handling, Carrier Selection, and Security throughout product development and distribution. In 1997, the Transported Asset Protection Association was created and Falvey Cargo Underwriting has been an active member since inception. Today, this global force includes most big-name technology shippers and freight forwarders. This sharing of industry knowledge and expertise between members and our ProTecht team assists Underwriters in making informed underwriting decisions and benefits our Brokers and Assureds.

We are members of the Council of Supply Chain Management Professionals, the American Society of Industrial Security, and the Transported Asset Protection Association and incorporate the experience and knowledge of these organizations into our Underwriting and Loss Prevention efforts.

Expertise

Because these Life Tech products are so vital to the health of this and future generations, Falvey Cargo Underwriting is proud to offer seamless coverage against physical loss or damage. From research and development through FDA approval, no risk is too small for Falvey Cargo's underwriting consideration. We are one of the few companies offering a coverage extension for spoilage and deterioration due to delay beyond the control of the Assured. Through broad insuring conditions, flexible valuation, and inclusion of coverage for Research Animals, Extra Expense, and Control of Damaged Merchandise, our LifeTech policy is tailored to meet the individual needs of our Assureds.

Falvey's underwriters, claims specialists, and loss prevention experts partner with our Clients to address the critical issues facing our Life Science Assureds including the impact of Drug Pedigree, Cold Chain Management, and Security throughout product development and distribution.

We are members of the Parenteral Drug Association, the Pharmaceutical Cold Chain Interest Group, and the Transported Asset Protection Association and incorporate the experience and knowledge of these organizations into our Underwriting and Loss Prevention efforts.

Expertise

While the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA) requires insurers to offer coverage for loss or damage due to certified acts of terrorism at static locations in the United States, its Territories and Possessions, and Foreign Missions; locations anywhere else in the World would not be covered by TRIPRA. The Terrorism Physical Loss or Damage Endorsement offers several advantages over TRIPRA, namely:

Coverage for raw materials, work in process, and finished goods can be obtained at worldwide scheduled locations.
Terrorist acts are defined. Under TRIPRA, terrorism is not defined and must be declared a certified act by certified by the Secretary of the Treasury AND the Secretary of State, AND the Attorney General of the United States (no acts have been declared post- 9/11/2001).
Coverage is not cancelable except for non-payment of premium or cancelation of the marine cargo policy. TRIPRA can be cancelled with 48 hours notice.

About ProTecht

Loss Prevention

Claims Handling

Recoveries

At Falvey, your premium dollars are put to better use with a program that is constantly working to prevent and manage losses. ProTecht Risk Solutions is a complete program that not only includes proactive loss prevention consultation, but also strategic claims management as well as aggressive recovery techniques designed to eliminate, mitigate and recoup losses.

ProTecht Risk Solutions is the organizational combination of three critical services typically found in most insurance companies – loss prevention, claims processing and recoveries. Falvey has combined these three disparate functions into one organizational entity in order to facilitate and encourage communication, analysis, and action planning. The interrelationship between these functions provides a substantial differentiation in the way Falvey approaches client service in general and loss prevention specifically.

ProTecht is designed to assure that Falvey becomes more of a trusted partner to our assureds and brokers by providing value-added services that can assist in the day-to-day supply chain risk management with the ultimate goal of significantly reducing losses. In the event of a loss, ProTecht is designed to mitigate that loss by expeditious claims management as well as aggressive recovery techniques. Falvey’s approach of financially investing in the processes that will reduce losses by helping our assureds to make their businesses run smoother, more efficiently and ultimately more profitably is unique in the marine cargo insurance industry.

Falvey’s loss prevention process is predicated on several underlying elements. It is the combination of these elements that provides the most value to our clients as it improves the risk profile of their supply-chain operations:

Aggressive
Falvey's approach is to work vigorously to identify existing risks and to formulate actionable plans to mitigate those risks. The experience of Falvey’s loss prevention staff, particularly considering their ability to focus on risks faced by high technology and life science companies, allows them to draw upon their substantial background to custom-tailor solutions that can be quickly implemented into supply chain operations. Falvey also moves quickly to remedy those risks that are identified and incorporate collaborative improvement steps with all supply chain partners.

Comprehensive
Falvey's loss prevention efforts begin with an overall scan of the flow-of-goods within the client’s supply chain. The volume and velocity of goods passing through specific distribution channels are evaluated. Falvey is then able to isolate certain problematic geographies that need more specific attention. This approach includes not only procedures within the client’s internal supply chain, but also considers the responsibilities and operational processes utilized by outside freight forwarders and carriers to assure supply chain risk is consistent throughout the distribution network.

Continuous
Falvey considers the loss prevention process to be an ongoing, iterative process. As risks are identified and evaluated, action steps to mitigate the identified risks are implemented, and those preventative steps are audited to assure compliance by all parties. The circular process then begins again with a new iteration of risk evaluation with additional incremental steps that may become necessary. Because of the iterative process, it is important for our assureds to remain committed to the loss prevention process on an ongoing and continuous basis.

Collaborative
Falvey's loss prevention efforts worked in very close alignment with our clients. It is important to have all parties understand the scope of the loss prevention arrangement and to buy into the committment that it represents. Falvey relies on the cooperation of critical members of the client staff, particularly in the logistics and security departments. It is critical that Falvey be able to work in a regular, ongoing basis to obtain new information as it becomes available, understand changes as they are implemented within the supply chain operation, and to be notified of new business issues or problems as they arise. The collaborative effect of both parties working in close alignment with each other allows an optimal loss prevention plan to be prepared and implemented as quickly and effectively as possible.

Although it is almost impossible to assign a value to what we've saved our clients in preventing losses before they occur, Falvey is quite proud of the substantial achievements in this area. Our loss prevention group is experienced, well-traveled and thoroughly familiar with cargo handling techniques, advisable and inadvisable transit routes and warehouse facilities, and other special services which are of vital interest to companies with a need to transport their goods safely and efficiently. The aim is to provide the most current loss prevention information, and to actively seek out new ways to prevent losses. Falvey’s loss prevention personnel are all members of the Transported Asset Protection Association (TAPA), and they incorporate the experience and knowledge of those organizations into our loss prevention efforts.

Falvey utilizes a centralized staff of licensed claim specialists whose expertise extends to the handling of any marine cargo claim involving high technology, life science, capital equipment or general cargo products. Falvey’s claims specialists utilize their detailed knowledge of the product being shipped as well as their understanding of specialized supply chains to best match the survey/investigation needed in various loss situations. Falvey’s claim expertise is supplemented by a worldwide surveyor network that includes W.K. Webster as well as other specialized independent surveyors or investigative firms.

Claims are reported to Falvey from around the world on a 24/7 basis utilizing technology to break down all time barriers to facilitate claims reporting. Falvey’s “Claims Gateway” is a web-based claim reporting system that provides a user-friendly claim reporting process and which also allows the capability to attach appropriate supporting documents as part of the initial notice of loss. Falvey's Claims Gateway also provides "full transparency" whereby users have access to all reported claims data along with any supporting documentation (including surveyor reports) on any claim.

Falvey's claims specialists are enabled by a web-based, paperless process that allows all claims to be processed and adjusted in an extremely expeditious manner. In fact, Falvey's claims group adjusts over 70% of all claims within 60 days of when those claims were reported - an operating statistic that is unmatched anywhere in the marine cargo insurance industry.

The key to Falvey's success with regards to claims management has been our committment to service for all of our assureds and our brokers by consistently demonstrating claims processing efficiency as a key differentiating factor. Falvey will make every attempt to minimize inconvenience for our assureds (from claim and survey setup all the way to claim payment) and we will endeavor to keep the broker informed and involved as necessary. Falvey's emphasis on service, combined with operational speed, efficiency and accuracy (which is embedded in elements of the claims process) is all designed to pay claims fairly and promptly.

Working hand-in-hand with claims personnel, Falvey's recoveries 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's recoveries staff is tenacious in the pursuit of financial mitigation of an assured's claim.

One of the primary philosophical principles of ProTecht Risk Solutions is "collaboration" - and that is perfectly exemplified by the close interaction of Falvey's claims and recoveries professionals. Falvey's claims staff manages the entire claims process in very close collaboration with Falvey'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 has institutionalized it's "red flag incident" rapid response to large thefts and hijackings by the close alignment of the ProTecht management team. Coordinated by recoveries management, the "red flag" process is designed to instill collaboration amongst Falvey'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 "red flag" process, one of Falvey's assureds had a truck loaded with computer monitors valued at $1 million stolen from a freight yard during the Christmas sales season. Falvey's "red flag" 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.

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 is subrogated to our assureds' 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 "loss history" for our assured which in turn may reduce future insurance premiums.

It is important to understand that the ProTecht process doesn't end there. Since Falvey’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’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.

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