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Markel to offer US cargo customers discounts for using monitoring tech

Markel has said it will offer trucking companies cheaper cargo insurance if they sign up to use a digital monitoring system provided by the technology company Overhaul.

The move is part of a trend in the cargo market towards integrating tracking technology into insurance cover, at a time when Covid-19 and the global vaccines rollout is putting unprecedented pressure on supply chains.

Overhaul’s system TruckShield uses existing vehicle hardware to monitor the status of cargo.

“The more we can do to help truckers manage cargo risks, the better positioned we are to offer competitive rates," said Samuel Rizzitelli, managing director of inland marine at Markel.

"We place a high value on long-term relationships with our partners and policyholders, and we are thrilled to partner with Overhaul to help improve safety and compliance for carriers and truckers and offer competitive premiums and policy terms," he added.

Rising liability and cargo insurance costs have put the US trucking industry in a perilous position. Overhaul said the technology would help transport businesses better manage the risk of cargo theft and cargo spoilage due to temperature changes.

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