The spot freight market has changed exponentially in the past few years thanks to the introduction of new technology. As the industry has transformed, so have its insurance needs, but unfortunately insurers have been slow to catch up.
For the past five to 10-years, securing insurance for the spot freight market has been a cumbersome and costly affair for shippers, brokers and insurance carriers. As a result, a significant volume of spot freight goes uninsured or underinsured every year. This is something that ArgoGlobal, a division of specialty re/insurer Argo Group, hopes to fix with its backing of Loadsure, a managing general agency (MGA) and Lloyd’s coverholder that provides a digital end-to-end solution for the spot freight industry.
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