Loadsure, an insurtech managing general agent, has announced the launch of a new smart annual cargo product, Cargo Plus.
The new offering is an annualised ocean cargo product that combines the financial convenience of a pay-as-you-go policy with the assurance provided by annualised cover, Loadsure said. Cargo Plus will be offered globally and include all-risk coverage for goods and merchandise in transit, with limits of up to $10 million for international and $5 million for US domestic conveyance.
There will be no minimum premium required for Cargo Plus, Loadsure said. It will also offer a pathway to integration for adjustable premiums with no reporting necessary, as well as flexible payment terms.
“The freight industry is changing fast and needs insurance to match that development,” said Johnny McLeod, CEO of Loadsure. “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 power our assureds – whether manufacturers, distributors, retailers, wholesalers or others – to better understand their risk exposure while providing visibility into business performance.”