In a recent webinar, Trucker Tools’ VP of Partnerships Matt Silver was joined by Loadsure’s CEO Johnny McCord and COO Jim Heide for a discussion of how Trucker Tools’ integration partnership with Loadsure can help freight brokers and owner operators manage risk. The webinar discussion focused on how the partnership allows freight brokers and 3PLs to instantly insure spot market freight from within Trucker Tools’ Smart Capacity platform. It also gives owner operators the ability to instantly add cargo insurance to loads in the Trucker Tools driver app. In the webinar, the panel discussed the benefits of Loadsure’s load-by-load coverage, specific use cases and how easy it is to add Loadsure cargo insurance to a load with Trucker Tools.

About Loadsure

Loadsure is the freight industry’s first digitally native insure-tech company that makes it possible for you to purchase freight insurance in 40 seconds or less on individual loads. McCord, who also founded Loadsure, has spent the last 20 years working in the freight industry and founded the company in order to address what he saw as major pain points for the industry.

“There is a huge underinsurance crisis right now with more than 60 percent of cargo in transit underinsured or uninsured,” said McCord. “That’s due to the cumbersome, traditional insurance approach that has ultimately been unable to efficiently serve the freight industry’s small to medium-sized businesses, which make up a huge proportion of the of the industry. What’s happened in the past is that SMBs have been forced to purchase expensive, large annual one-dimensional products that are ultimately aimed for large enterprises. SMBs have had to run the risk of complete or partial exposure or to rely on the carrier’s liability coverage, which has many exclusions and ultimately only pays pennies on the dollar if you’re actually able to prove liability.”

“There is a huge underinsurance crisis right now with more than 60 percent of cargo in transit underinsured or uninsured,” said McCord. “That’s due to the cumbersome, traditional insurance approach that has ultimately been unable to efficiently serve the freight industry’s small to medium-sized businesses, which make up a huge proportion of the of the industry. What’s happened in the past is that SMBs have been forced to purchase expensive, large annual one-dimensional products that are ultimately aimed for large enterprises. SMBs have had to run the risk of complete or partial exposure or to rely on the carrier’s liability coverage, which has many exclusions and ultimately only pays pennies on the dollar if you’re actually able to prove liability.”

The Benefits of Loadsure for Freight Brokers and Owner Operators

“It’s important for brokers and owner operators to understand that with a carrier liability policy, all of the things that are outside the carrier’s control are not covered,” said Heide. “All-risk coverage is true cargo coverage that covers acts of God, load and unload, unattended vehicles, inside theft and fictitious pickups. You’ll have situations where you have to move a load today on the spot market and you don’t have time to go through that carrier’s policy and see if they have certain exclusions around electronics, alcohol, eggs, wood or other things that are hidden in the fine print. To get that load covered and to know that what coverage you’re going to have on that cargo is crucial. Also, a typical motor carrier liability policy only offers $100,000 worth of coverage. With all the supply chain issues of today, the value of reefer loads often can creep well over $100,000.”

“It’s important for brokers and owner operators to understand that with a carrier liability policy, all of the things that are outside the carrier’s control are not covered,” said Heide. “All-risk coverage is true cargo coverage that covers acts of God, load and unload, unattended vehicles, inside theft and fictitious pickups. You’ll have situations where you have to move a load today on the spot market and you don’t have time to go through that carrier’s policy and see if they have certain exclusions around electronics, alcohol, eggs, wood or other things that are hidden in the fine print. To get that load covered and to know that what coverage you’re going to have on that cargo is crucial. Also, a typical motor carrier liability policy only offers $100,000 worth of coverage. With all the supply chain issues of today, the value of reefer loads often can creep well over $100,000.”

In addition to providing near-instant cargo insurance rate quotes and fast purchasing, the integration partnership between Trucker Tools and Loadsure allows you to submit claims online in a matter of minutes. In fact, once you purchase Loadsure coverage through Trucker Tools, you’ll receive an email confirmation that includes a link through which you can file a claim online for the load. If the claim meets certain criteria, that claim could be paid immediately. If the claim is a little more complex, it’s sent over to a Loadsure claims adjustor for review. Loadsure provides full transparency on claim status and instant payouts once approved.

How To Add Loadsure Load-by-Load Cargo Insurance with Trucker Tools

If you’re an owner operator using the Trucker Tools driver app, simply tap on CARGO INSURANCE on the main menu in the app. You’ll then be prompted to enter in all the information about the load you’re interested in insuring. Many of the boxes will be prefilled, but you will have to fill in some of the fields. Once you do, the information is transmitted over to Loadsure, which then provides you with an instant quote within the app. Learn more about insuring a spot market load with Loadsure through the Trucker Tools driver app.

For brokers using Trucker Tools’ Smart Capacity software, it’s actually significantly less of a lift. Smart Capacity pulls all of the data fields right from the load information in your TMS. All you have to do is click on the Protect button to see a quote on the load. Once you click the Protect button and see the rate, you then have the option to click to purchase the insurance. From that moment forward, your cargo is good to go and you are protected by Loadsure. Learn more about insuring spot market freight with Loadsure through Trucker Tools’ Smart Capacity.

Watch the webinar “Sufficiently Protect Your Business from Catastrophic Cargo Loss and Damage Claims” on demand.