GRAND RAPIDS, Mich. - An innovative partnership has evolved for Fifth Wheel Freight (FWF), bringing industry-leading service to customers and carriers. FWF has partnered with Loadsure, a freight insurance company that ushers spot freight cargo insurance into the modern age through an AI- and automation-powered platform.
FWF continues to provide full-service logistics solutions. The focused mission at FWF is to create long-term relationships with customers, carriers, and vendors built through unparalleled reliability.
Freight insurance is a policy put in place to insure either the partial or total value of cargo. If cargo is stolen or damaged, insurance protects shippers and carriers from absorbing the loss, as well as related expenses, like expedited replacement and storage and disposal costs. By providing evidence of a loss that meets the terms of the policy, the insurance company issues a settlement, essentially serving as a balance sheet protector.
Today, 60%-to-90% of cargo is shipped under or uninsured. This exists because insurers simply cannot work as fast as the supply chain moves and, amid the pandemic and supply chain disruption, cargo threats are on the rise.
Transportation industry insurance has rapidly progressed but has yet to meet the digital moment. Now, primed for evolution, Loadsure is leading the charge. Millions of uninsured and underinsured loads are transported around the world every day, representing a massive liability to businesses and a threat to cash flow.
“SMBs have been underserved by the insurance industry for a very long time,” says Loadsure CEO, Johnny McCord. “Priced out of single trip coverage and presented with expensive annual covers as their only option, they’ve become accustomed to operating with broad risk exposure. We’re excited to partner with FWF in bringing fast, cost-effective per-load coverage to their customers and carriers—helping them protect their future growth and capture new business opportunity. Powered by AI and automation, Loadsure delivers shippers and carriers instant cargo insurance quotes and per-load, “all-risk,” smart coverage in 40 seconds or less. Offering up to $2 million in reefer and full truckload (TL) coverage and $100,000 in less than truckload (LTL) coverage for both domestic and international shipments, SMBs now have a way to efficiently and affordably protect their freight and their businesses.
Loadsure’s all-risk cargo insurance protects against what carrier liability policies do not: Acts of God, inside theft, and more. Additionally, cargo claims settlements can be accelerated from weeks or months to days, even minutes—with direct deposit payments delivered in moments. Offering broad coverage of commodities, Loadsure insures commonly excluded items such as alcoholic beverages, frozen and chilled produce, over-the-counter pharmaceuticals, fireworks, and more.
FWF and Loadsure are partnering to protect against risk and move shipments with care, efficiency, and safety.
Over-the-road carrier partners are required to have a minimum of $100,000 in cargo insurance. Loadsure provides a service that enables immediate, affordable coverage on high-value shipments and covers the substantial volume of carriers that only supply the minimum coverage.
“Loadsure has been a great solution for us,” says Robert Dodge, Director of Carrier Relations at FWF. “It’s opened up our capacity by five times, and it’s helping us maintain great relationships with our customers and carrier base.”
Loadsure opens more capacity and reduces liability for the carrier and the shipper through their innovative service. Together, Loadsure and FWF are partnering to provide excellent value to shippers and carriers.