Echo Global Logistics, a provider of technology-enabled transportation and supply chain management services, has launched a full-coverage cargo insurance product.
Headquartered in Chicago with more than 30 offices around the country, Echo offers freight brokerage and Managed Transportation solutions for all major modes, including truckload, partial truckload, LTL, intermodal, and expedited.
The new product, EchoInsure+, has been developed in partnership with insurance group Falvey.
According to Echo, the product is an “easy way” for clients to access best-in-class protection for their LTL shipments through both EchoShip, Echo’s proprietary online shipping platform, as well as Echo representatives.
Some key highlights of the new offering include the ability to pay a claim as quickly as within 10 days. Other benefits include zero deductible up to $10,000, a broad protection plan with fewer exclusions, and full value coverage not limited by specific carrier liability.
According to Echo, without using such a product, shippers run the risk of assuming financial responsibility past limits set by carriers, facing potential exclusions for loss and damage as a result of external factors or Act of God, as well as the risk of waiting for as long as 120 days for a claims resolution.
Echo aims to streamlines the process for booking supplemental cargo insurance at the time of load booking, thereby increasing efficiency and, if necessary, providing a smoother claims process with faster resolutions for clients.
Dave Menzel, president and chief operating officer at Echo, said, “EchoInsure+ represents an often-requested addition available through our innovative technology, EchoShip, offering unique coverage our clients can rely on. As with all of our easy-to-use technology, it is supported by our experts who are available around the clock to meet all of our clients’ transportation needs.”
Last year, Otonomi, an InsurTech and parametric cargo insurance platform, raised $3.4m in a funding round.
The company provides parametric cargo delay insurance that unlocks claim resolution in 45 minutes, as opposed to 45 days that freight carriers may be used to.
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