Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan, has launched BrokerSafe, an exclusive insurance facility for US freight broker clients seeking access to more stable and affordable freight broker auto liability coverage, according to the company’s press release.

It is noted that 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. Backed by a panel of A-rated US insurers, BrokerSafe offers up to USD 5 million in primary limits and an additional USD 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”, commented 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”, Janelle Griffith added.