In the US alone, 11.46 billion tons of freight were transported via motor carriers in 2022, accounting for over 72% of the total cargo shipped within the States in that year. 

In the past, it’s been difficult and cumbersome for businesses of all shapes and sizes to secure adequate coverage for cargo transported by motor carriers. I’m pleased to say that the launch of Columbia™ — Loadsure’s new motor truck cargo and logistics services insurance — solves that problem. This is a data-powered product that offers broad coverage at an affordable price point, making it an accessible way to properly insure road freight.

Why did we develop Columbia™?

As anyone in the freight and logistics community will know, there’s a huge range of risk factors that can affect the timely delivery of road freight, from theft and inclement weather to labor shortages and freak accidents. Historically, businesses like freight forwarders, truckers and motor carriers have struggled to secure coverage that works for them, rather than the insurance companies. We saw a clear need within the industry for a broad, annual all-risk motor truck cargo insurance product, that was genuinely affordable, and available to small fleet owners as well as large trucking companies.

As well as the broad insuring agreement offered by Columbia™, this policy also incorporates eleven supplementary coverages. These additional coverages include business personal property, contractual penalties, debris removal, shipping containers, freight chargers, extra expense and more. Ultimately, we designed Columbia™ to provide the best possible value for money, and that’s particularly evident when you compare it to other options on the market.

What does Columbia™ bring to the market?

As well as providing broader coverage than usual, Columbia™ offers several other competitive advantages for motor carriers, like generous limits of up to $500,000 per load. Here’s a handful of the other benefits you can expect from this policy:

• Data-powered underwriting. The data-powered, risk specific underwriting process used for the Columbia™ policy means it’s always accurately priced. So the coverage provided always reflects the true risk faced by motor carriers and logistics services providers.
  
• Transparent pricing. While traditional insurance companies often adjust the premium at the end of the policy period, we price accounts based on verifiable data up front, so you know the price you’ll pay – with no unforeseen costs.
• Reduced transaction time. With Loadsure, what previously took insurance brokers days or even weeks now takes a matter of hours. Access to third-party data sources allows us to expedite transaction times – so policies can be written with unprecedented speed
  
• Instant document generation. Once the underwriting process is over, Loadsure empowers brokers to quote and bind policies almost instantly, so truckers and 3PLs can get the policy they need, in the timeframe they need it.
  
• Suitable for businesses of all sizes. Columbia™ motor truck cargo insurance is available to logistics companies of all sizes, from those with 1 to 10 power units to those with 50+.

Suitable for inter and intrastate truckers and motor carriers, as well as freight forwarders and freight brokers, Columbia™ helps these businesses access the cover they need, and allows insurance professionals to better serve the freight community.

To find out more about the benefits, limits and restrictions of this policy, take a look at our product catalog, or reach out to us directly to get started.