PRODUCTS: Loadsure All-Risk Cargo

COMPANIES: Avalon Risk Management, Argo Global, Lloyds of London

BEST RATING: A-

AVAILABILITY: Available on an open-brokerage basis

FOCUS: Shippers, brokers and carriers utilize the spot market to supplement freight normally hauled under contract. Because of the turnaround speed required of negotiating loads in the spot market, there’s often not enough time for a complicated insurance purchasing process. By leveraging big data at the granular level, the Loadsure All-Risk Cargo product provides a low cost, instant way to minimize the inherent risks of using the spot market.

“Loadsure’s All-Risk Cargo product takes much of the need away from the normal due diligence process required in vetting a carrier’s cargo coverage,” says Jim Heide, COO, Loadsure. “This can make the difference between covering or dropping a load.”

The integrated, instant nature of the product combined with predictive data analytics give Loadsure a clear understanding of the relationship between claims and exposure, providing a fair and accurate premium based on the qualities of the load. “The level of data available in transportation platforms today gives Loadsure the ability to take a much more granular approach at rating risk than what’s been previously achievable, all in real-time,” Heide adds.

COVERAGE DETAILS: Standard carrier liability coverage requires the carrier to be negligent to honor a claim. In most cases, insureds are not covered for acts of God, loading and unloading damage, or unattended vehicles.

“Loadsure covers these common perils and more, paying first, with a cost-effective flat premium per truckload,” Heide says. “All claims are settled fast, often within minutes, by utilizing a unique digital solution for claims reporting and management.”

Moreover, the product covers many of the exclusions standard carrier cargo insurance does not, without requiring the claimant to prove driver negligence.

Other coverage highlights and features include:

• A fully digital “All-Risk” cargo insurance product available on demand on a load-by-load basis
• No forms to fill out or files to send when buying insurance
• Full integration with transportation platforms
• Coverage limits up to $500,000 for a low per-load fee
• Automated claims process that settles most claims within hours, not weeks or months
• Backed by A-rated insurers as well as best-in-class software

UNDERWRITING: Loadsure’s simplified and flexible underwriting platform uses a dynamic rating model to apply a premium in real-time.

MINIMUM PREMIUM: N/A

TARGET: Small to mid-sized shippers working with brokers and carriers that utilize the spot freight market in the U.S. and Canada.

COVERAGE TERRITORY: U.S. and Canada

COVERAGE AVAILABILITY: All Canadian provinces and all U.S. states except Hawaii

CONTACT: Jim Heide, COO, Loadsure; 303-717-4733

Will Jones is IA managing editor.