Marsh, the world's leading insurance broker and risk advisor and a business of Marsh McLennan (NYSE:MMC), today announced the launch of BrokerSafe, an exclusive insurance facility for US freight brokers seeking access to more stable and affordable freight broker auto liability coverage.
Freight brokers play a vital role in the supply chain by connecting cargo owners with trucking companies, but their intermediary position exposes them to significant contingent auto liability risks should a safety incident occur. Rising freight broker auto liability rates, a shrinking insurance market, and increased nuclear verdicts have made it more difficult and costly for freight brokers to secure adequate coverage.
Created in conjunction with Oliver Wyman, another Marsh McLennan business, BrokerSafe leverages a first-of-its-kind underwriting technology tool that uses advanced analytics and proprietary algorithms to comprehensively assess a freight broker's full contingent auto liability risk exposure. Armed with this enhanced visibility, BrokerSafe insurers can offer freight brokers bespoke contingent auto liability coverage aligned to their true risk profile rather than traditional underwriting methods like broker-carrier agreements or revenue figures.
Backed by a panel of A-rated US insurers, BrokerSafe offers up to $5 million in primary limits and an additional $5 million in excess capacity available from the London market.
"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," said Janelle Griffith, US and Canada Logistics Practice Leader, Marsh. "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."
About Marsh
Marsh, a business of Marsh McLennan (NYSE:MMC), is the world's top insurance broker and risk advisor. Marsh McLennan is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of over $24 billion and more than 90,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit marshmclennan.com, follow us on LinkedIn and X.
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Sally Roberts
347.281.1454
sally.roberts@marsh.com
