AUSTIN, Texas, Oct. 4, 2022 /PRNewswire/ — Overhaul, a software-based, supply-chain visibility, risk, compliance and insurance solution for the world’s leading brands, has unveiled an innovative insurance offering for the modern supply chain. Leveraging the company’s industry-leading Risk Technology platform and proven results reducing risk exposures, Overhaul’s Shipper’s Interest Insurance Program is designed to help middle-market shippers significantly reduce losses while improving their overall supply chain performance.
Offered exclusively to users of Overhaul’s risk management solution, the Shipper’s Interest Insurance Program merges Overhaul’s years of experience addressing visibility, risk and compliance with a premium 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. Now, even when losses do occur, Overhaul’s high-quality data and expert team helps customers close their claim quickly, lowering the costs for all involved.
“Traditional underwriting doesn’t account for tech solutions that can lower risk,” said Barry Conlon, Founder and Chief Executive Officer 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.”
Offered through Overhaul Risk Advisory Services and written on A.M. Best A-rated paper, 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:
- 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 overseen 2.3 million active shipments and tracked more than $588 billion in total cargo. With a first-hand view into these shipments, 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.
“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,” said David Braunstein, Executive Vice President 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 offering is currently available with Overhaul customers eligible to receive a quote and Overhaul plans to offer additional insurance solutions coming to market in 2023. Learn more here.
Founded in 2016 and headquartered in Austin, Texas, Overhaul is the only data-agnostic supply chain visibility and security solution. Overhaul transforms real-time visibility into risk management, compliance, and insurance solutions for its partners. Its software-based approach offers high configurability and efficient time-to-value to supply-chain organizations without heavy tech. Additionally, Overhaul’s experienced team members hold thousands of years of logistics experience, partnering with each client to create a comprehensive solution for their entire supply chain. As such, Overhaul has quickly grown to be a trusted provider for Fortune 100 companies moving freight globally across industries, such as pharmaceutical and healthcare, technology, logistics, and food and beverage. Customers include Microsoft, Bristol Myers Squibb and many others. For more information, visit over-haul.com, and follow them on LinkedIn, Twitter, and Facebook.
Disclaimer: Overhaul Risk Advisory Services, DBA: Overhaul Risk Insurance Services (ORAS) is a licensed insurance brokerage (Texas License Number #2800637). ORSA is not an insurance company but acts as an agent and or advisor for certain insurance companies and programs.
ORAS is paid commission and may receive other performance-based compensation for its services. All compensation received by ORAS, its affiliates and its employees may vary by insurance company and states where business is placed.