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:
“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.
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
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