Teamwork and communication fuel the engine that drives business at Falvey Cargo Underwriting Ltd., a privately held marine cargo insurance firm in Wakefield.
Falvey Cargo provides marine cargo insurance on behalf of underwriters at Lloyds of London, primarily for the high-technology and biopharmaceutical industries. Working exclusively through its brokers, Falvey has the authority to settle losses up to $250,000 in-house. Additionally, it is one of the few companies that provide coverage for biopharmaceutical cargo that can spoil or deteriorate if delayed.
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But whether it’s a new cancer drug headed to a Boston hospital or circuit boards arriving from Asia, the cargo that Falvey insures crosses the globe at a frenetic pace.
In the decade since Falvey was founded in 1995, the firm has developed an internal culture that enables it to flourish in an industry in which time is of the essence. Falvey operates as a deliberately streamlined, goal-oriented team that prizes communication.
“It’s challenging, but it’s also enjoyable,” said Falvey President J. Michael Falvey. “Our business is built on the positive attitude and team spirit everyone here has.”
The spirit that energizes the workplace at Falvey has contributed to the firm being named this year by Providence Business News as one of the Best Places to Work in Rhode Island.
Communication is a key ingredient for success, Falvey said. The basic units in the firm’s everyday operation are small teams that work closely and communicate constantly.
Larger groups communicate during regular monthly meetings, which are attended via webcam by employees at Falvey’s offices in Hong Kong, Taiwan, San Francisco and London. Once a year, the entire company comes together from all corners of the world.
The work atmosphere at Falvey is inclusive and respectful, according to Roxanne Cottrell, an underwriting technical assistant who has been with the firm for five years.
“They’re open to ideas from anyone,” Cottrell said. “The people are great. They’re really friendly and will help you in any way they can. Whether you are low man on the totem pole or a vice president, you can bring something up at a meeting and your ideas will get heard.”
Underwriting high-tech and life science marine cargo is a relatively new and highly specialized niche, and Falvey keeps his employees on the industry’s cutting edge by providing them with ongoing training and continuing education opportunities. The firm regularly conducts in-house training and sends its employees to New York for industry training at the American Institute of Marine Underwriters, Falvey said.
Falvey Cargo employs 37 people worldwide, including 26 at the firm’s Wakefield headquarters. The company is growing – five new employees were hired last year – but Falvey fosters a tight-knit environment in its workplace. The firm pays for several social events for its employees throughout the year, including bowling parties and sailing cruises.
Falvey Cargo helps its employees maintain balance in their lives with a generous paid-time-off policy that provides for 160 hours annually, accrued on a monthly basis, for each employee during the first decade of employment. That translates to 20 days of paid time off from the day an employee begins working for the company. Paid time off is increased to 200 hours after completion of 10 years of employment.
Falvey also provides a comprehensive benefits package that includes full medical and dental insurance, life insurance and a 401(k) plan.
“I definitely feel taken care of by the company,” Cottrell said.
