Marsh unveils new insurance facility for US freight brokers

Marsh, an insurance broker and risk advisor under Marsh McLennan, has launched an insurance facility, named BrokerSafe, to offer freight brokers auto liability coverage in the US.

The new offering is the result of a collaborative effort with Oliver Wyman, which is also a part of the Marsh McLennan family.

The BrokerSafe facility utilises an underwriting technology tool that incorporates analytics and proprietary algorithms.

The tool provides an assessment of freight broker's contingent auto liability risk exposure.

With the backing of a panel of A-rated US insurers, BrokerSafe will offer contingent auto liability coverage that is aligned with the actual risk profile of freight brokers, the company said in its press release.

The facility provides up to $5m in primary limits, and there is an option for an additional $5m in excess capacity, which can be accessed from the London market.

Marsh US and Canada logistics practice leader Janelle Griffith stated: “In today’s complex liability risk landscape, freight brokers are looking for sustainable, long-term freight broker auto liability insurance that enables them to manage their risks more effectively.

“With BrokerSafe, Marsh and Oliver Wyman are transforming the freight broker auto liability insurance market by providing clients and underwriters the data and insights they need to make informed risk transfer decisions.”

In June, Marsh also launched Nimbus, an insurance facility focused on the construction of large-scale data centres in the UK and Europe.

Nimbus is designed to combine several types of coverage including construction all-risks, delay in start-up, property damage and business interruption.

It offers coverage capacity of up to €1bn ($1.17bn) for construction all-risks and up to €350m for delay in start-up.

"Marsh unveils new insurance facility for US freight brokers " was originally created and published by Life Insurance International, a GlobalData owned brand.

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