Marsh, an insurance broker and risk advisor under Marsh McLennan, has introduced BrokerSafe, an insurance facility aimed at US freight brokers seeking access to auto liability coverage in a market where options have become more limited and costly.
In recent years, premiums have increased, insurers have exited the market, and large jury awards have become more common—factors that have made coverage harder to obtain and sustain.
Developed with Oliver Wyman, another Marsh McLennan business, BrokerSafe uses an underwriting tool that applies analytics and proprietary algorithms to estimate a freight broker’s contingent auto liability risk.
The approach shifts the focus from traditional underwriting practices, such as relying on broker-carrier agreements or revenue, toward a data-driven risk assessment.
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The programme is backed by A-rated US insurers and provides up to $5 million in primary limits, with an additional $5 million in excess coverage available through 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,” added 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.”
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