The product complements Falvey's existing all-risk shipper's interest solution by offering liability coverage for the logistics provider or the third-party.
PRODUCT: Transportation & Logistics Liability.
COMPANIES: Falvey Insurance Group; Accelerant Specialty Insurance Company.
BEST RATING: A-
AVAILABILITY: Appointed agents and brokers only.
FOCUS: Falvey Insurance has expanded its portfolio of products by introducing more options to the supply chain. Currently offering marine cargo, stock throughput and product recall, the Transportation & Logistics Liability product complements Falvey's existing all-risk shipper's interest solution. The product is a liability insurance product for logistics service providers.
“Falvey already provides cover to those arranging transportation of their goods through a logistics provider or a third-party, this new product will provide cover for the logistics provider or the third-party," says Fatih Ozdemir, vice president, Falvey Insurance.
“Our innovative underwriting approach has led to the creation of a product that provides end-to-end solutions for the evolving risks of the supply chain industry," he adds.
COVERAGE DETAILS: Coverage highlights include:
- Legal liability for physical loss or damage to cargo.
- Contractual liability for physical loss and damage to cargo.
- Liability for failure to perform the insured's contractual obligations that result in their customer's financial loss.
- General liability for bodily injury and property damage.
- Products and completed operations liability.
- Contingent auto bodily injury and property damage liability.
- Contingent auto cargo liability where applicable.
- Primary limits up to $1 million per occurrence and a $2 million aggregate.
UNDERWRITING: Rating is based on revenue and a Falvey application is required.
TARGET: This package offering is ideal for common carriers, freight forwarders, transport intermediaries and third-party logistics service providers.
COVERAGE AVAILABILITY: All U.S. states.
CONTACT: Fatih Ozdemir, vice president, Falvey Insurance Group; 600 South Avenue West - Suite 230, Westfield, NJ 07090; 401-218-2189.
Will Jones is IA editor-in-chief.