An insurance offering from Overhaul uses its Risk Technology platform to reduce risk exposures. The Shipper's Interest Insurance Program is designed to help middle-market shippers reduce losses, while improving their overall supply chain performance.
The program merges Overhaul’s experience addressing visibility, risk and compliance with an insurance solution to give customers a unified view of their logistics ecosystem. By spotting non-conformances and helping manage exceptions in real-time, Overhaul gives shippers the power to react to events as they happen, rather than after a loss. Even when losses do occur, Overhaul’s data and expert team help customers close their claim quickly.
“Traditional underwriting doesn’t account for tech solutions that can lower risk,” says Barry Conlon, founder and CEO at 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.”
“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,” says David Braunstein, executive VP of Insurtech at 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 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 include:
- Reduced total cost of risk
- Highly competitive premiums
- Broad, flexible coverage
- Integrated, active loss prevention
- Risk management process improvements
- Streamlined claims notice and investigation
- In the last 12 months, Overhaul has seen 2.3 million active shipments and tracked more than $588 billion in total cargo. Overhaul has secured $226 million in goods through real-time interventions associated with at-risk shipments and has an estimated 80% loss ratio reduction rate.