October 16, 2023
The Power of Shipper’s Interest Coverage With Reliance Partners
Reliance Partners is proud to introduce our per-load Shipper’s Interest coverage, tailored for freight brokers and carriers. This coverage is seamlessly integrated into their TMS, ensuring comprehensive protection for cross-border, international, LTL, and high-value shipments.
The Need for Diversification
In the ever-evolving world of transportation and logistics, diversifying freight capabilities and expanding service lanes is paramount. This is especially true when considering the allure of cross-border, high-value, and less-than-truckload (LTL) opportunities. Mark Vickers, our Executive Vice President and Head of International Logistics, who previously served as a freight broker for nearly a decade, understands this dynamic well. He recognizes the potential earnings from cross-border and international freight, especially with Canada and Mexico, two of America’s primary trade allies. Furthermore, with the surge in e-commerce, LTL shipping is witnessing growth both domestically and internationally. Pursuing high-value freight, such as pharmaceuticals, electronics, and equipment, offers even more lucrative opportunities.
However, Mark often found that securing these high-value shipments was a challenge due to the lack of adequate all-risk coverage for LTL, high-value, cross-border, and international freight. Without comprehensive coverage, shippers are hesitant to entrust their shipments to brokers or carriers. The advantage of all-risk coverage is its simplicity – in case of an incident, only one claim is required, rather than multiple claims across various policies. But, acquiring this insurance for a single shipment can be a tedious process, often involving numerous calls to risk management teams and insurance agents. By the time coverage is secured, the opportunity might already be lost. As Mark aptly puts it, “In this industry, speed is of the essence. If insurance becomes a bottleneck, you risk losing the shipment.”
Recognizing this challenge, we at Reliance Partners, as freight insurance experts, sought to simplify and expedite the process. We collaborated with Loadsure, a leading insurtech managing general agent, to offer all-risk Shipper’s Interest coverage. Loadsure’s cutting-edge automated portal empowers freight brokers and carriers to swiftly access our Shipper’s Interest coverage markets. What’s more, its TMS integration capability streamlines the process even further. Now, brokers and carriers can obtain dynamically priced quotes based on shipment details and secure coverage within their TMS system in just a few clicks. For those handling consistent loads or commodities, static quotes are also available.
In our continuous effort to enhance our offerings, we’ve recently integrated with McLeod, a renowned TMS provider. This collaboration allows Power Broker and Loadmaster TMS users to effortlessly access our Shipper’s Interest coverage.
Bridging the Gap
In the freight industry, there’s often a tug-of-war between sales and risk management. While the former is revenue-driven, the latter is focused on ensuring proper insurance coverage. Our all-risk Shipper’s Interest coverage acts as a bridge, fostering a solution-oriented dialogue between the two.
Reliance Partners is committed to enabling freight organizations to handle high-risk business confidently, backed by our automated and cost-effective insurance solutions.