(Image credit: Bernd Dittrich/Unsplash.)
Overhaul (Austin, Texas), a software-based, supply-chain visibility, risk, compliance and insurance solution, has launched a supply chain insurance offering. The company’s Shipper’s Interest Insurance Program, which leverages the Overhaul Risk Technology platform, is designed to help middle-market shippers significantly reduce losses while improving their overall supply chain performance. Overhaul partners with carriers and brokers to provide coverage.
Offered exclusively to users of Overhaul’s risk management solution, the Shipper’s Interest Insurance Program merges Overhaul’s experience addressing visibility, risk and compliance with what it calls a premium insurance solution to give customers a unified view of their logistics ecosystem. By spotting non-conformances and helping manage exceptions in real-time, Overhaul says it gives shippers the power to react to events as they happen, rather than after a loss. Even when losses do occur, Overhaul says its data and expert team helps customers close their claim quickly, lowering the costs for all involved.
“Traditional underwriting doesn’t account for tech solutions that can lower risk,” comments Barry Conlon, Founder and CEO, Overhaul. “The Shipper’s Interest Insurance Program modernizes that antiquated process to reduce a shipper’s total cost of ownership by leveraging our risk-mitigating solutions.”
Offered through Overhaul Risk Advisory Services and written on A.M. Best A-rated paper, according to a company statement, the cargo insurance program covers the shipper’s lawful goods while in transit as defined by the policy, from the point of origin until accepted at its intended destination. The program also applies to logistics service providers that are contractually obligated to carry shipper’s interest on behalf of their shipper customers. Among the covered losses, shippers could gain protection against product damage, product spoilage and product theft. Key benefits shippers receive:
- Reduced total cost of risk
- Highly competitive premiums
- Broad, flexible coverage
- Integrated, active loss prevention
- Risk management process improvements
- Streamlined claims notice and investigation
Overhaul reports that, during the last 12 months, it has overseen 2.3 million active shipments and tracked more than $588 billion in total cargo. The company says that, with a first-hand view into these shipments, it has secured $226 million in goods through real-time interventions associated with at-risk shipments and has an estimated 80 percent loss ratio reduction rate.
“We are fusing active risk management with financial risk transfer so that our customers and partners alike can truly realize the full benefits of reducing total cost of risk,” comments David Braunstein, EVP, Insurtech, Overhaul. “With our Shipper’s Interest Insurance Program, Overhaul will not only bring truth and clarity to risk and pricing decisions, but also deliver proactive risk management when real-world intervention is needed.”
The cargo insurance offering is currently available with Overhaul customers eligible to receive a quote and Overhaul plans to offer additional insurance solutions coming to market in 2023.