Falvey Insurance Group Closes Yacht Division

PR Newswire

NORTH KINGSTOWN, R.I., Nov. 20, 2017 /PRNewswire/ -- As of November 21, 2017, the Falvey Yacht Insurance division of Falvey Insurance Group will no longer underwrite insurance policies for the yacht, luxury yacht and charter communities. Falvey Yacht Insurance is headquartered in North Kingstown, RI, with an additional office location in Ft. Lauderdale, FL.

Mike Falvey, President of Falvey Insurance Group, made the announcement on Monday, November 20, 2017, citing the uncertain future of the yacht market as the primary motivation for the closing, as well as the need to focus on the market-leading positions in cargo and marine pollution.

"Despite the hard work and commitment of growing both yacht and charter, Falvey Insurance Group is making a difficult, but necessary choice in order to focus our resources and energy on our current and upcoming ventures where the opportunities are greater. We appreciate the support over the past 8 years and look forward to continuing to serve our brokers and assureds in the cargo and vessel pollution markets."

Falvey Cargo Underwriting, Falvey Shippers Insurance and Safe Harbor Pollution Insurance are operationally unaffected by the suspension of the yacht division. Each subsidiary of Falvey Insurance Group functions as an independent sub-company with dedicated staff, budgets and business plans and will continue daily operations.

About Falvey Insurance Group

Falvey Insurance Group began as a single division, Falvey Cargo Underwriting, opening its first office in 1995 in Wakefield, RI. After 20+ years, the company has evolved into Falvey Insurance Group, comprised of three divisions: Falvey Cargo Underwriting, Falvey Shippers Insurance and Safe Harbor Pollution Insurance becoming, "The Specialized Insurance Experts" in maritime coverage. Falvey underwrites on behalf of Lloyd's of London, C.V. Starr, Berkshire Hathaway and Argonaut Insurance Company. The flexibility, proactive customer service, claims processing excellence, and comprehensive knowledge that Falvey companies are known for is unparalleled in the insurance industry.