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Press Release

WTW partners with Falvey Cargo Underwriting for affirmative cargo cyber coverage solution

Risk & Analytics|Cyber Risk Management
N/A

February 16, 2022

ARLINGTON, VA, February 16, 2022 — WTW (Willis Towers Watson, NASDAQ: WTW) a leading global advisory, broking and solutions company, today announced an affirmative cyber coverage product for cargo and stock throughput risks. The result of a collaboration with Falvey Cargo Underwriting, a Falvey Insurance Group company, this will be the first standalone cargo cyber solution available in the insurance marketplace.

WTW recognizes that cyber risk exposure is an ongoing concern in all aspects of the global supply chain. Cyber exclusions are broad in scope and apply to nearly all cargo insurance policies following widespread adoption of the LMA 5403 Cyber Endorsement in November of 2019.

As a result, this standalone product was developed with these key features:

  • Provides affirmative coverage for loss or damage to goods while in the ordinary course of transit and/or while in storage caused by the malicious use of a computer or computer system
  • Coverage “wraps” around the underlying cargo or stock throughput policy
  • Streamlined underwriting and quoting process
  • Agreed program rating for $1,000,000 in limit, limits up to $5,000,000 may be available for select Insured’s subject to underwriting review

“As cyberattacks continue unabated, it is prudent for insureds to find affirmative coverage for cyber threats within the global supply chain,” said Chris Gambini, WTW Cargo Practice. “With the help of Falvey Insurance Group, we’re now able to provide a solution that so many customers were looking for,” he added.

“Falvey is proud to be partnering with WTW on this product. As a well-established MGA for more than 25 years, we pride ourselves on finding insurance solutions for our brokers and clients. Our broad network of carrier partners has once again stepped up to help us bring the first significant solution for this excluded coverage to market,” said Graeme Schultz, vice president and national broker practice leader of Falvey.

About Falvey Cargo Underwriting

Falvey Cargo Underwriting, a Falvey Insurance Group company, underwrites marine cargo coverage in three cargo industry segments: General Cargo, Life Sciences, and Technology. Founded in 1995, Falvey Cargo Underwriting has evolved into the largest cargo covernote holder at Lloyd’s of London, offering the highest capacity in the marine cargo market. Falvey Cargo has over 150 years of combined marine cargo underwriting experience, global reach with local expertise servicing clients around the world from offices in Rhode Island, California, Colorado, New York, North Carolina, Washington, Canada, and London, and dedicated loss prevention, claims processing, and recovery services in-house.

www.falveycargounderwriting.com

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

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