MiKargo247, an insurtech platform for spot cargo insurance, has announced a new partnership with Falvey Insurance Group to expand its offerings globally, extending coverage beyond trucking to include air, ocean and cross-border insurance.
Financial terms of the partnership were not disclosed.
Through the deal, MiKargo247 will offer motor carriers, freight brokers, freight forwarders and shippers all-risk cargo insurance as needed.
The new offerings also include increased transit mode options, with coverage now available for cross-border Mexico, air and ocean; higher policy limits, with truckload limits raised to $2 million for approved commodities and cross-border limits increased to $1 million; expanded commodity approvals, including high-value items such as laptops, tablets and mobile phones, and a streamlined process, which reduces required fields for faster access to instant quotes.
Billy Worthington, senior vice president of transportation & logistics at Falvey, commented on the benefits of the deal.
“This partnership allows us to support shippers on a broader level and bring instant insurance to them when they need it most,” Worthington said.
Meanwhile, MiKargo247 chief executive Michele McGinnis said that its partnership with Falvey Insurance highlights the company’s commitment to improving customer experience.
“MiKargo247 has consistently focused on solving capacity constraints with unmatched speed, coverage and service,” McGinnis said. “We have listened intently to our users and incorporated their valuable feedback into this release.”
Falvey Insurance recently made some changes to its leadership team. As of January 1, Jack Falvey has assumed the role of chief executive after Mike Falvey transitioned to become executive chairman.
Mike Falvey founded the company in 1995, initially operating with just two employees. Jack Falvey previously served as chief operating officer.
