Loadsure unveils cargo insurance product

InsurTech MGA Loadsure has launched a cargo insurance product Cargo Plus.

The new offering is an annualised ocean cargo product that Loadsure said will deliver the financial convenience of a pay-as-you-go policy with the assurance that annual cover provides.

Cargo Plus will be offered worldwide and include all-risk coverage for goods and merchandise in transit, with limits of up to $10m in international and $5m in US domestic conveyance.

In addition, critically for SMBs who struggle to access cost- effective coverage, there will be no minimum premium required for Cargo Plus. It will also offer a pathway to integration for adjustable premiums with no reporting necessary, and offer flexible payment terms.

Johnny McCord, Loadsure CEO, said, “The freight industry is changing fast and needs insurance to match that development.  Leveraging our AI-powered dynamic rating model, the launch of Cargo Plus is a significant milestone in the development of Loadsure’s offering. We’re delighted we can offer this state-of-the-art cover that will also empower our assureds  – whether manufacturers, distributors, retailers, wholesalers or others – to better understand their risk exposure while providing visibility into business performance.”

More insurers and InsurTechs are looking to provide solutions to support supply chains. Insurity recently launched a solution for property & casualty (P&C) carriers in the global cargo market.

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