Insurtech managing general agent (MGA) Loadsure has unveiled Columbia, a new insurance product designed for the logistics industry, emphasising the use of data to enhance coverage for small and medium-sized enterprises (SMEs).
Columbia offers comprehensive insurance solutions, specifically catering to motor carriers, freight brokers, and freight forwarders, with a focus on covering potential damage to cargo.
The coverage provided by Columbia extends beyond the primary insurance agreement to include various supplemental protections. These additional coverages encompass business personal property, contingent coverage for unforeseen liabilities, contractual penalties, debris removal following an incident, extra expenses incurred during the claims process, freight charges, and shipping containers.
The new proposition leverages advanced data analytics and digital technology to streamline the insurance process for wholesale brokers. This approach enables brokers to quickly and efficiently quote and secure coverage, featuring an automated system for quote generation, policy binding, and document management.
Johnny McCord, CEO and founder of Loadsure, commented on the launch, highlighting the significance of data-driven solutions in advancing the insurance industry and addressing the coverage needs of SMEs within the cargo and freight sector.
“Backed by our industry leading expertise, Columbia will empower brokers to better serve cargo outfits seeking long-term partnerships and the solutions needed to support their businesses,” McCord said.
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