Loadsure Updates PAYG Cargo Insurance Platform

This Monday Aug. 28, 2017 image provided by the Port of Virginia shows the CMA CGM Theodore Roosevelt being unloaded at the Virginia International Gateway in Norfolk, Va. The arrival of the ship breaks the record for largest container ship ever to visit the Port of Virginia and the East Coast. (Keith Lanpher/Port of Virginia via AP)

Loadsure recently announced a significant update to its pay-as-you-go, smart cargo insurance platform. Just as the freight industry readies itself for a seasonal spike in cargo theft, the insurtech MGA is making available higher limits, broader commodities coverage, and dynamic products—all in 40 seconds or less. After the Ever Given incident in the Suez Canal, plus the Colonial Pipeline hack, the importance of gaining data on freight and cargo movement from multiple sources – and in real time – could not be more important.

“The economy is beginning to reopen, and highly targeted freight, like food and beverage, is moving in volume for the first time since 2019,” says Loadsure CEO, Johnny McCord. “Leveraging AI and automation, brokers, shippers, and carriers can now expand coverage for these high-value loads and protect commonly excluded specialty freight on the fly, all through direct platform access, custom integrations, or third-party platforms.”

Taking another step forward in addressing the domestic U.S. cargo underinsurance crisis, Loadsure’s intuitive, end-to-end digital platform now delivers:

  • Higher limits—up to $2M in coverage for any single mode of transport and $100,000 for LTL shipments

  • Broader commodities coverage—including alcoholic beverages, fireworks, flowers, frozen and chilled produce, livestock, over-the-counter pharmaceuticals, and more

  • Dynamic products—matched to the unique specifications of each load and available in increments of $10K, helping cut per-load coverage costs by as much as 80%

“Cargo transported across the U.S. is massively under and uninsured, “ says McCord. “In part, that’s driven by shipper perceptions that carrier liability policies offer far broader coverage than they do. Meanwhile, carriers sometimes feel pressured to move underinsured loads because traditional insurance coverage simply can’t meet their just-in-time needs. This situation has created unsustainable losses for some. It’s why we’re passionate about putting real-time, wrap-around risk management into the hands of freight industry professionals—empowering them to protect their loads, their businesses, and the people who rely on them.”

About alastair walker 6438 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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