November 22, 2021 by Canadian Underwriter Staff
Broker and consultant NFP’s Canadian-based offices formed an exclusive partnership with U.K.-based Loadsure to obtain instant- and on-demand cargo and shippers’ coverage to NFP’s Canadian logistics clients shipping cargo globally.
The agreement includes inland transit. NFP has over 800 employees in Canada and more than 6,000 globally.
“Adding Loadsure’s ability to incorporate data analytics, in real-time, into the marine cargo sector complements our other strategic partnerships, allowing us to provide innovative, best-in-class recommendations to our Canadian shipping clients,” said Tracy McLean, NFP senior vice president, Global Logistics Insurance.
Loadsure provides an end-to-end, API-connected digital solution (from premium pricing to claims payment delivery), designed to eliminate excess costs associated with conventional underwriting of low-complexity risk and claims processing. It is an international insurtech managing general agent and Lloyd’s of London coverholder.
The partnership will allow NFP’s customers to get a quote, bind and have coverage issued in under a minute, according to the company.
“Every day, millions of loads are transported under- or uninsured,” said Loadsure CEO Johnny McCord in a press release. “Through AI and automation, we underwrite risk in real time, providing instant coverage and granular pricing that cuts per-load coverage costs by up to 80%.”
In November 2021, New York City-based NFP Corp. acquired Edmonton-based Foster Park Brokers Inc., which places surety bonds, as well as P&C coverage for a variety of industries including oil and gas, manufacturing, public entity and technology, among others.
Feature image by iStock.com/metamorworks