Stock Throughput Insurance
Many shippers struggle to find the right insurance for their cargo, and end up with different policies or relying on the liability of others. This can leave gaps in coverage where shippers inadvertently expose their goods to uninsured risk.
Huron™ is designed to solve that problem.
Huron™ (Ocean Cargo and Stock Throughput Insurance) is designed to provide comprehensive coverage for goods while in transit and in storage, with no minimum premium. This equips brokers to offer their clients all the coverage they need in a single product.
How does it work?
Our advanced dynamic pricing model uses an algorithm fed by industry and third-party data (including natural catastrophe modeling) to deliver hyper-accurate quotes, and generate affordable stock throughput insurance quotations almost instantly.
Huron™ revolutionizes the submission and quoting workflow management for insurance brokers, enabling them to serve more clients and free up valuable time for more complex cases.
Access Huron™ through Loadsure’s intuitive software platform service, via online portal or directly integrated into your digital workflows, with no download required.
Who should brokers offer Huron™ to?
What level of cover does Huron™ offer?
Huron™ is our all-risk stock throughput policy, offering comprehensive coverage for goods in transit, and in a named storage facility. Assureds with a Huron™ policy get door-to-door protection against physical loss or damage to insured goods — including Acts of God, loading damage, flooding, fire, roof collapse and theft.
- Up to $10M in conveyance limits for goods in transit
- Up to $10M in limits for named storage locations, with coverage for catastrophic perils
- Policy has a worldwide territory offering, which is subject to the standard exclusions/sanctions limitation clause
- Coverage for hard–to-place risks is also available
- Enables brokers to provide accurate quotes almost instantly
- Digitizes the intake and issuance of policy documents
- Competitive premiums driven by a dynamic rating model
- Allows brokers to offer long-term visibility into account performance
IMPORTANT RISK WARNING: Insurance products are subject to certain risks and uncertainties. While insurance is designed to provide coverage for various losses and liabilities, it is important to understand that it may not cover all potential risks or losses. The effectiveness of an insurance policy depends on the specific terms and conditions, exclusions, and limits of the policy. It is essential to read and understand the policy documentation before purchasing insurance. If you have any questions or uncertainties, please consult with a professional advisor. Remember, the purpose of insurance is to provide protection against potential future losses, and it is not intended as an investment product. It does not provide a return on investment like a savings account or investment product.
What are the Huron™ policy limits?
Huron™ has up to $10M in conveyance limits for goods in transit, and up to $10M in limits for named storage locations, with coverage for catastrophic perils.
Which commodities are outside of appetite?
- Cash & Financial Instruments Documents — negotiable documents or instruments, monies of every description, securities, bonds, bullion, stamps, credit and debit cards including telephone calling cards.
- Pharmaceuticals — (other than FDA approved ‘over-the-counter’ pharmaceuticals which are not excluded), Nutraceuticals (other than FDA approved ‘over-the-counter’ nutraceuticals which are not excluded), Narcotics/narcotic based substances including but not limited to Marijuana, CBD, THC.
- Life Science Materials — Including but not limited to: Biological materials (defined as goods used in medical and/or scientific applications to support, enhance, or replace damaged tissue or a biological function), blood or blood related substances, reproductive substances, and human related materials used for medical and/or scientific research.
- Luxury Goods — Furs, precious metals, precious stones, non-costume jewelry (including watches), perfumes, antiques and art.
Tech Goods: Mobile telephones.
- Live Animals / Plants — Living creatures and life forms of any type (other than plants and flowers for retail distribution).
- Other — Satellites, nuclear fuel, explosives, firearms, ammunition, fish meal, used household goods.
Who manages the claims handling?
For Huron™, claims handling is carried out by the Loadsure in-house claims department.
Does Loadsure consider excess transit and/or storage risks?
No, at this point in time excess risks fall outside of appetite for Loadsure.
Is Loadsure a “100% market” or will you consider quota share placements?
Loadsure’s looks to insure risks on a 100% basis so long as they fall within the parameters defined in our Underwriting Guidelines. Loadsure will consider quota share placements as both a lead or a following market, however prefers to lead when possible.