Munich Re Syndicate, the Lloyd’s of London Marine & Specialty underwriter of reinsurance giant Munich Re, is set to back MiKargo247.com, a new insurtech, created specifically for one-way, spot-cargo freight.
MiKargo247.com will aim to provide freight brokers, 3PLs and motor carriers with access to insurance that protects cargo and helps it to move faster through the supply chain.
Underwritten by Roanoke Insurance Group Inc with underwriting authority provided by Munich Re’s syndicate, MiKargo247 offers insurance coverage up to $1 million per load on land & rail loads in the US and Canada.
Coverage is all-risk providing far broader coverage than standard cargo insurance with full claim support from Roanoke’s Schaumberg, IL office.
“We developed MiKargo247.com to fill a dangerous hole in the market,” said Michele McGinnis, co-founder and CEO of MiKargo247.com.
“It’s estimated that over 60% of cargo on the road goes uninsured daily, racking up $15+ Billion worth of damages that cannot be recouped,” McGinnis continued.
“With MiKargo, not only are Shippers and Freight Brokers protected with an All-Risk policy if something goes wrong, but the truckers can now haul previously uninsurable loads, ultimately making them more money and Freight Brokers can expand capacity to satisfy their customer needs as well.”
