Loadsure has announced that it has entered into a retail broker agreement with Avalon Risk Management, enabling the London-based managing general agent (MGA) to deliver the transportation industry’s simplest, most efficient, data-driven approach to spot freight cargo insurance to the U.S.—enabling brokers, shippers, and carriers to save time and dramatically cut costs.
The U.S. transportation industry is grappling with growing spot freight demand. In response to COVID-19, the Federal Motor Carrier Safety Administration (FMCSA) has issued an extended, expanded nationwide HOS emergency relief declaration to enable the rapid shipment of supplies critical to the nation’s public health response. As a result, carriers are not only strained, brokers and shippers are increasingly turning to the spot market for capacity, leveraging carriers who are not as well-vetted. In addition, private fleets are moving into the spot market—often without the comprehensive coverage they need. All of these scenarios introduce added risk. Loadsure empowers brokers, shippers, and carriers to manage this risk with per-load cargo insurance delivered in real-time.
“COVID-driven demand for cargo freight is exceeding the ability of contractual logistics to cope, and freight is increasingly moving to the spot market,” said Loadsure CEO and founder, Johnny McCord. “We’re here to quickly provide the on-demand, all-risk, wrap-around insurance that ensures our clients can keep critical supplies flowing while also protecting them from risk.”
In collaboration with Avalon in the U.S., Loadsure’s fully-automated user interfaces empower the transportation industry to purchase spot freight cargo insurance in just seconds. Additionally, clients can cut their per-load insurance costs by 5x and accelerate their claims settlements from days to hours.
“Thousands of loads are transported daily without sufficient coverage, which creates a considerable liability for shippers, brokers, and carriers,” said Avalon Executive Chairman, James Zuhlke. “ As a premier provider of innovative insurance solutions, we’re excited to announce our cooperative agreement with Loadsure and offer a first-class ‘all risk’ insurance solution.”