MGA Loadsure has launched Cargo Plus, its new smart annual cargo product.
According to the firm, the new offering is an annualized ocean cargo product that will deliver the financial convenience of a pay-as-you-go policy with the assurance that annual cover provides. This follows it receiving $11m in MMC-led funding in March this year.
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.
Johnny McCord, CEO of Loadsure, 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.”
He added: “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.”
According to the firm, 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.
Loadsure has been in these pages often in recent weeks. It recently predicted a spike in claims for cargo theft, saying that more than 60% of cargo remains uninsured or underinsured.
It was also announced in May that Burns & Wilcox said it was going to offer Loadsure’s AI-powered insurance coverage to brokers across Canada.
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