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Global specialty reinsurance and insurance group Chaucer has partnered with Indemni, a technology-led cargo risk specialist and newly approved Lloyd’s coverholder, to launch a specialist US cargo insurance proposition designed to target strategic theft.
The new offering will provide cover for US land transit risks across single-trip transit, annual contingent cargo and standalone strategic theft.
It integrates specialised coverage with technology-focused risk mitigations, such as driver verification, shipment tracking and enhanced visibility across the logistics chain.
The program is led by Chaucer, with Indemni underwriting on its behalf alongside additional capacity from supporting Lloyd’s syndicates.
“Strategic theft requires a different underwriting approach because the controls surrounding a shipment can materially change the quality of the risk, particularly as theft methods continue to evolve. Indemni’s risk management technology enhances driver verification, tracking and visibility throughout the logistics chain providing critical insights and controls that are central to how we assess exposure,” Winnie Hartigan, Deputy Underwriter, Marine Specialty, Chaucer, explained.
Adding: “By incorporating those controls into the proposition itself, we can take a more informed approach to risk selection while providing insurance protection designed around the way these losses actually occur, and create a stronger framework for preventing, identifying and responding to the strategic theft threat.”
This product rollout marks a key milestone in their ongoing collaboration, building upon Chaucer’s earlier support of Indemni’s successful Lloyd’s coverholder application.
Indemni’s technology is designed to support risk management throughout the shipment lifecycle, with verification and tracking controls forming an important part of the underwriting approach to strategic theft.
Simon Schnorr, Head of Marine & Energy, Chaucer, said: “Cargo theft is an established marine risk, but the methods being used are becoming increasingly sophisticated and evolving beyond traditional physical theft; with criminals increasingly using fraud, impersonation and manipulation of legitimate freight processes to gain control of shipments.Â
“As those exposures evolve, the insurance market needs to adapt with relevant solutions. Indemni brings a focused approach to a growing challenge for cargo owners and the logistics sector, combining specialist insurance protection with strong risk management. We are pleased to lead the programme and support its launch into the market.”
Zach En’ Wezoh, CEO of Indemni, commented: “We are setting the new standard for freight insurance by linking over-the-road intelligence directly to underwriting. By rewarding verified operational controls with better coverage and pricing, Indemni is building the world’s first insurance platform designed to eliminate physical supply chain risks.”
The post Chaucer and Indemni new US Cargo proposition to target strategic theft appeared first on ReinsuranceNe.ws.
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