Insurtech managing general agent Loadsure has announced the release of the industry’s first API solution for international, per-shipment cargo insurance and immediate access to coverage through the Loadsure platform. The solution allows those moving US freight to secure up to $2 million of all-risk international coverage, regardless of mode, while also simplifying and accelerating claims.
“We all know that international cargo carries a higher risk,” said Johnny McCord, CEO of Loadsure. “The complex networks and multiple hands compound risk while global uncertainty multiplies it. Yet 90% of these shipments are still under- or uninsured, which creates unsustainable losses. Unfortunately, there hasn’t been an efficient solution for the industry to purchase international, per-shipment coverage on the fly, until now.”
Loadsure provides both dynamic pricing and products tailored to meet each shipment’s unique specifications in real time, the company said. The coverage is available for a broad range of commodities, including frozen and chilled produce, alcoholic beverages, over-the-counter pharmaceuticals, and fireworks.
“Historically, per-shipment coverage was only accessible to enterprise shippers via annual covers,” McCord said. “The labor associated with underwriting transactional insurance simply priced out [small and medium-sized businesses], forcing many to run uninsured. I believe every shipper should have access to the risk management they need, whether they’re moving one shipment or a thousand.”
Loadsure’s digitalization of the process also extends to claims. The Loadsure platform reduces errors, delivers real-time claims statuses, accelerates claims settlements to days or minutes, and delivers secure, near-instant payments, the company said.