Overhaul and Markel Unveil New Digital Risk Management Solution for Cargo Protection

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Jan 19, 2021, 08:00 ET

AUSTIN, Texas, Jan. 19, 2021 /PRNewswire/ -- Overhaul, a real-time visibility and intelligence-driven risk management technology provider for supply chains, is working with Markel Specialty, a specialty insurer and division of Markel Corporation, to offer motor carriers competitive insurance policy and pricing terms. TruckShield, a new motor carrier risk management app, will help these essential companies improve safety and compliance which may result in lower insurance premiums.

Adverse verdicts and rising insurance premiums have impacted the American trucking industry, resulting in razor-thin margins and countless bankruptcies. TruckShield will help motor carriers efficiently manage the risk of cargo theft and cargo damage due to temperature changes.

TruckShield is a quickly-implemented, low-cost technology solution that uses existing motor carrier fleet hardware. "Camera systems and other risk management solutions for trucking are expensive and require significant time to install. By utilizing existing hardware, motor carriers can start using TruckShield immediately, which is especially important during this current peak-on-peak season," says Barry Conlon, Overhaul's CEO and founder.

The solution offers enhanced cargo and asset protection by locking stationary equipment in place when it is most vulnerable to theft. TruckShield leverages Overhaul LE Connect, Overhaul's extensive law enforcement network with a secure, direct link to successfully recover any stolen equipment and cargo.

"As a specialty insurer, our underwriters are skilled at understanding complex risk management practices for the trucking industry. The more we can do to help truckers manage cargo risks, the better positioned we are to offer competitive rates," says Samuel Rizzitelli, Managing Director, 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."

With a complete safety and compliance data profile from TruckShield, Markel can more easily assess a motor carrier's risk and modify motor truck cargo legal liability pricing and policy terms accordingly.

TruckShield provides simplification of insurance, maintenance, and safety administration in addition to the security benefits. With TruckShield, motor carriers build a data profile to showcase ongoing compliance and safety improvements.

"Insurers need to see that a motor carrier is doing everything in their power to manage risk. TruckShield will help motor carriers create a safety culture, decrease the frequency and severity of accidents, and manage data more efficiently, leading to improved outcomes in both claims and insurance premiums," states Overhaul's Chief Risk Officer Pat Stoik.

About Overhaul
Overhaul provides intelligence-driven risk management software for logistics providers and global shippers. With an existing risk management and real-time visibility platform for logistics providers and shippers, Overhaul's new app addresses another major pain point in the transportation industry. TruckShield is an innovative technology that minimizes risk while improving collaboration between motor carriers and insurance providers. For more information visit over-haul.com/truckshield.

About Markel Corporation
Markel is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel on the web at markel.com.

SOURCE Overhaul