Marsh has launched BrokerSafe, an insurance facility designed to provide US freight brokers with more stable and affordable auto liability coverage.
Freight brokers link cargo owners with trucking companies but can be exposed to contingent auto liability risks if safety incidents occur during transportation. These exposures have become more costly to insure in recent years due to rising rates, fewer insurers participating in the market and the impact of large jury verdicts.
Developed in collaboration with Oliver Wyman, another Marsh McLennan business, BrokerSafe uses an underwriting platform that applies analytics and proprietary algorithms to assess a freight broker’s contingent auto liability risk exposure.
The platform allows insurers to offer coverage based on the broker’s actual risk profile rather than traditional underwriting methods that rely heavily on broker-carrier agreements or revenue data.
The facility is supported by a panel of A-rated US insurers and offers up to $5 million in primary limits, with an additional $5 million in excess capacity available from the London market. Marsh said the program is intended to give both freight brokers and underwriters more reliable tools for managing risk transfer.
Janelle Griffith, US and Canada logistics practice leader at Marsh, said the initiative is designed to provide sustainable, long-term auto liability insurance options that enable brokers to manage exposures more effectively.
In a separate development, Marsh last year launched an insurance solution aimed at supporting carbon capture and storage (CCS) projects worldwide.
The product, created by the firm’s energy & power team and underwritten by Canopius, covers the transportation and storage of carbon dioxide (CO₂). It is intended to help operators meet financial security requirements when captured CO₂ is moved and injected into appropriate geological formations. Marsh said the offering addresses insurance constraints that have previously slowed CCS sector growth.
