Zurich Insurance has announced a partnership with the insurtech managing general underwriter Vindati to develop a new standalone insurance product designed to help protect independent truckers from the risks of transporting cargo.
The new Motor Truck Cargo (MTC) program – written through an exclusive agreement between Zurich and Vindati – is available for both “for hire” common and contract truckers. The coverage insures against the risks of direct physical loss to covered property while in transit, loading, or unloading. The insurance also provides coverage for when the truck is at a terminal or dock awaiting final distribution.
A release noted that the new product meets the US Department of Transportation’s MTC requirements for cargo load pick up.
“Smaller, independent operators often face barriers when attempting to access MTC coverage. This new program offers truckers and trucking brokers a direct path to MTC coverage,” explained Zurich North America head of programs Greg Massey.
“Vindati is committed to simplified access for brokers serving small to mid-sized businesses, and to helping them offer clients a broad range of compelling products that meet business needs,” said Vindati founder and CEO Hugh Burgess.
Massey added that Zurich’s global financial strength, claims capacity, and underwriting experience in trucking and transportation, together with Vindati’s expertise in the cargo market “is a roadmap for success.”