Insurtech Loadsure launches new Smart Annual Cargo Insurance

Loadsure, the UK insurtech MGA that leverages AI and automation to provide pay-as-you-go, digital insurance for brokers, shippers, and carriers, has announced the launch of its new smart annual cargo product, Cargo Plus.

According to reports, this latest 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. 

The new Cargo Plus solution will be rolled out globally and includes all-risk coverage for goods and merchandise in transit, with limits of up to $10 million in international and US$5mn in US. domestic conveyance.

Reports also suggest that via Loadsure.net (which is a Lloyd’s coverholder) and TMS platforms, transactional coverage can be automated or secured in less than 40 seconds with claims resolved in minutes. 

Loadsure’s solution is beneficial for SMEs

The service offers a valuable solution for small to medium-sized businesses (SMBs) that are challenged by their to access cost-effective coverage. Cargo Plus has no minimum premium required for Cargo Plus. The platform also offers a pathway to integration for adjustable premiums with no reporting necessary, as well as flexible payment terms.

Speaking about the new solution, Loadsure CEO Johnny McCord explained, “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.”