A new company has entered the transportation insurance market with a goal to help move cargo through the supply chain faster.
Spot cargo insurtech company MiKargo247.com provides freight brokers, 3PLs and motor carriers instant access to all-risk cargo insurance up to $1 million per load on land and rail in the U.S. and Canada.
“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. 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.”
MiKargo247 provides access to commodities typically excluded by other cargo policies.
In addition, customers can get a quote in 10 seconds and bind coverage in 90 seconds; there’s not signup or subscription required and no more waiting for agent or underwriter approval, speeding up the process.
MiKargo247 is underwritten by Roanoke Insurance Group Inc. with underwriting authority provided by A-Rated Munich Re Syndicate Ltd. – Syndicate 457 at Lloyd’s of London.