International insurance coverage brokerage Hub Worldwide introduced an unique referral and dealer program partnership with Mas Seguros.
The partnership, in impact all through the U.S., Canada and Mexico, will bolster Hub’s cross-border trucking capabilities. Mas Seguros is the most important trucking insurance coverage dealer in Mexico.
Lengthy-haul trucking is traditionally a tough line to put in writing, and the logistics are getting more and more intricate.
One main issue is the sheer distances vans journey, which will increase the chance of accidents, extreme automobile put on and tear, and cargo theft.
Cargo theft fell 30% final yr, largely as a result of thieves noticed extra alternative in stealing automobiles, finds a report by Équité Affiliation. However as governments and regulation enforcement begin to come down on automobile theft, Canada’s P&C insurers anticipate the thieves could return to stealing vans and their cargo.
Cargo theft reached an all-time excessive in 2022, with an unrecovered theft worth of $134.8 million.
These intensive highway exposures result in greater insurance coverage premiums, and to insurers withdrawing protection for each legal responsibility and bodily harm.
“Organizations face regulatory compliance points, crime, product harm, catastrophic climate occasions and accidents,” Hub writes in a press launch.
On the subject of regulatory compliance, trucking corporations should meet nationwide and state insurance coverage necessities, corresponding to carrying a minimal quantity of legal responsibility insurance coverage, which provides to their monetary burden.
Corporations with poor protected driving information or frequent driver violations usually face even greater premiums.
“Because of this, there may be an rising transportation and logistics must handle threat and insure freight, property and belongings whereas transporting items into Mexico for manufacturing after which again to the U.S. and Canada,” provides Hub’s launch.
“As a consequence of altering international political relationships and insurance policies, there was a major transfer for manufacturing operations to Mexico, which comes with elevated threat and insurance coverage challenges when transporting items cross-border.”
The partnership additionally permits corporations to friendshore or nearshore their manufacturing — a transfer meant to cut back provide chain disruption.
Characteristic picture by iStock.com/Marcus Lindstrom
