Significant Losses To the Cargo Market: Hanjin
In August 2016, Hanjin Shipping filed for bankruptcy protection after months of trying to avoid this fate. This filing immediately triggered massive disruptions. Worried about receiving payments, ports refused to allow Hanjin’s vessels, sailors, and cargo (about 540,000 containers) to dock or unload, leaving them stuck at sea. Some ships were arrested... […]
Port Congestion at Los Angeles and Long Beach Impacts Cargo Market
The uncertainty experienced in the cargo market due to last year’s U.S.-China trade negotiations has been pushed aside by the global pandemic. Quarantine and stay-at-home orders have contributed to a large surge in online shopping—this, combined with social-distancing requirements for workers, has caused major bottlenecks at ports and throughout the... […]
The Ongoing Risk of Piracy In the Shipping Industry
Global pandemics, economic turbulence, and political shifts are typically the first things that come to mind when listing the biggest threats facing the shipping industry. But there is another prevalent and ongoing risk that many forget to consider: piracy. The reality of pirates is a lot darker than our cultural representations of Jack Sparrow or... […]
Danielle Jackson Joins Falvey Cargo Underwriting as Assistant Vice President in Canada
NORTH KINGSTOWN, RI, March 2, 2021 – Falvey Cargo Underwriting welcomes Danielle Jackson to its specialized team of underwriters, effective March 1, 2021. Danielle most recently worked with Intact Insurance Company in Toronto as a Senior Commercial Underwriter. […]
Significant Losses To the Cargo Market: Natural Disasters
Over the past few months, we’ve recapped some of the biggest losses in the cargo market, such as recent storage facility fires, and given our perspective on what these events mean for the industry going forward. In a continuation of that series, we’d like to reflect on some of the biggest cargo losses caused by natural disasters, some stretching back a... […]
How Will Brexit Impact the U.S. Insurance Market?
While the UK has not been a member of the European Union (EU) since January 31, 2020, known as Brexit Day, the rules for the new UK-EU relationship are still undecided. The 11-month transition period ends on December 31, 2020, and the deadline for extending it has passed with no trade deal in sight. […]
Significant Losses to the Cargo Market: Storage Facility Fires
Continuing our series of reports on the major losses impacting the cargo market, this article focuses on the most basic element of insurance coverage—fire—and a swath of large warehouse fires that have resulted in the market’s increased attention on locations with large single stretch limits, adequate fire protection underwriting, and changed the way the... […]
Get To Know Mark Coppa
This month’s team spotlight features Mark Coppa. A recent hire at Falvey Cargo, Mark has quickly proved himself to be an outstanding “rookie” and helped our team provide the best service to clients. […]
Incoterms® 2020: Defining FAS, FOB, CFR & CIF
For the last article in our blog series breaking down Incoterms®2020, we’ll explain the four rules that apply specifically to sea and inland waterway transport. In our previous articles, we addressed the first eight terms that cover any mode of transport. (See “Defining DAP, DPU & DDP” and “Defining EXW, FCA, CPT & CIP .”) […]
Incoterms® 2020: Defining DAP, DPU & DDP
In this article, we continue our blog series that explains all 11 rules in Incoterms® 2020 and spotlight DAP, DPU, and DDP. We recommend familiarizing yourself with these rules so you can utilize them in your everyday sales transactions . […]
