Inland marine insurance from Falvey

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Falvey Insurance has a new way to accompany your client’s marine cargo policy with inland marine insurance

IF YOUR clients already have marine cargo coverage, then they are well on their way to having a well-rounded insurance policy. So what is marine cargo insurance, and what does it cover? Read on to learn more.

Falvey Insurance Group is a managing general agent (MGA) that specializes in solutions for marine, cargo, supply chain, and logistics, including marine cargo, stock throughput, all-risk shipper’s interest, transportation & logistics liability, inland marine, and vessel pollution insurance. We also provide expertise on a range of supplemental products such as motor truck cargo and product recall through our wholesale division.

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If your business transports goods via ships, trucks, planes, or trains, marine cargo insurance provides comprehensive coverage to protect your shipments against exposures

flexible valuations drop shipment coverage warehouse-to-warehouse coverage exhibition/trade fairs coverage salesperson samples coverage expediting and extra expenses fraudulent bills of lading local policies in 160 countries

Inland marine insurance basically fills in any holes left behind by marine cargo insurance, extending coverage to include goods in land transit and ensuring they’re protected against loss. Inland marine insurance is also known for protecting first-party property and goods – from fine art to TV towers to contractors’ equipment to medical supplies – against unique and complex risks. Therefore, when you combine your client’s marine cargo coverage with an inland marine policy, you’re helping to cover all bases.

If your business transports goods via ships, trucks, planes, or trains, marine cargo insurance provides comprehensive coverage to protect your shipments against exposures. Falvey also offer related loss-prevention and recovery services – contact us to find out more. But what about when property or assets are in land transit, like on a truck on a highway or a train on a railway? Or what about when they’re at a jobsite or an off-site storage location? If your client’s current policy doesn’t cover these areas, that’s where inland marine insurance can make all the difference.

Falvey Insurance Group coverage can assist with the logistics at every stage of a shipment’s journey, from assembling and processing to storing and transporting. And with the addition of our Inland Marine insurance policy, we offer the following coverage in these areas:

While your client’s business will certainly benefit from having a marine cargo insurance policy, adding inland marine insurance completes the package, as it gives extra peace of mind (and protection!) when shipping goods. Contact Falvey today to learn more.

Inland marine insurance

The perfect combination

Published 19 Jun 2023

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cargo being loaded onto a truck with a plane on the background

Marine cargo insurance is a type of property policy that protects against goods lost or damaged during ocean, air, and land transit. For instance, if freight falls off a cargo ship, breaks while being loaded on or off a truck, or gets stolen on the railways, it has the potential to be covered under this insurance policy.

What is marine cargo insurance?

Marine cargo policy provides door-to-door coverage for inland shipments and imports/exports. Coverage extends to goods affected by physical loss or damage, theft, and rough handling. It also provides coverage if your goods spoil due to a delay associated with a covered peril. Did you know: Typically, marine cargo policies exclude spoilage coverage due to delay through policy language, and the client would need to buyback this coverage. Falvey does offer spoilage due to delay on some risks.

What does marine cargo insurance cover?

The full package

contractors’ equipment builder's risk rigging installation

Construction:

warehouse legal cash in transit tank storage transit & storage

Transportation:

scheduled articles floater farm equipment computer equipment medical equipment scientific equipment telecommunications theatrical infrastructure oil & gas equipment

Specialty:

approximate percentage of goods transported by ship

rate at which the worldwide merchant fleet grew between 2013 and 2020, reaching almost two million deadweight tons in 2020.

approximate tonnage of cargo transported by ship as of 2020, more than double the volume of 1990

37%

80%

10.7m

Worldwide ocean shipping historic snapshot

Source: Statisa.com

275.9m 225.1m 150.8m 123.7m 81.1m 79.2m 71.7m 70.6m 59.5m 58.0m

1. Houston, Texas: 2. Port of South Louisiana: 3. Corpus Christi, Texas: 4. New York, New York and New Jersey: 5. New Orleans, Louisiana: 6. Long Beach, California: 7. Baton Rouge, Louisiana: 8. Beaumont, Texas: 9. Los Angeles, California: 10. Port of Virgina, Virginia:

Top 10 US ports, by tonnage

Source: Bureau of Transportation Statistics

Inland marine insurance covers property and assets while they’re traveling on land or stored in an off-site location. For example, maybe your client’s business stores excess equipment in an off-site location or moves products around from one warehouse to the next.

Inland marine insurance basically fills in any holes left behind by marine cargo insurance, extending coverage to include goods during land transit and ensuring they’re protected against loss

While it covers a wide range of goods, Falvey’s expertise is in three main areas: general cargo, life sciences, and technology. Whether you’re shipping pharmaceuticals, electronics, or medical devices, Falvey’s marine cargo insurance helps protect your property while it moves through the supply chain. As the largest marine cargo insurance cover note holder at Lloyd’s of London, with the highest capacity in the market, Falvey’s marine cargo insurance also offers: