Mitigating the Historic Rise in Cargo Theft Using Technology-Mitigating the Historic Rise in Cargo Theft Using Technology

Video Transcription

Video Summary

The Inland Marine Underwriters Association hosted a webinar featuring experts like Jason Baynard from Dual Insurance, Janelle Griffin from Marsh LLC, and Michael Caney from Highway. Eileen Monreale, IMUA's Education Training Specialist, introduced the session, emphasizing the importance of engagement and offering an Amazon e-gift card to the most engaged attendee. The discussion focused on the rise of cargo theft, especially in the inland marine space, an issue compounded by sophisticated criminal technology. They highlighted that these thefts are increasingly executed by cybercriminals manipulating logistics rather than traditional theft methods. Key statistics from CargoNet showed significant reported thefts, particularly in California, Texas, and Illinois.<br /><br />The panel emphasized the need for investment in technology by insured parties to prevent theft, while also suggesting the potential for innovative risk transfer solutions. They underscored the challenge of distinguishing between theft covered by motor truck cargo policies versus cyber exclusions in today's technologically advanced theft scenarios. Suggestions for improving the situation included better visibility, increased use of technology for tracking and verification, and enhanced collaboration within the industry.<br /><br />The session closed with a call for underwriters to update their practices and applications to better assess and price risk in light of these modern challenges, highlighting the necessity of partnering with risk mitigation companies to enhance understanding and reduce losses. Attendees were encouraged to participate and engage actively to further the conversation and drive change.

Asset Caption

Cargo theft is disrupting business operations and is inflicting significant financial losses. This presentation includes insights from industry experts with diverse expertise. Presenters discuss the historic rise in cargo theft, emerging double brokering fraud and scams plaguing the industry, and solutions including mitigating loss through carrier vetting, onboarding, and fleet analytics solutions. Focus includes change in the goods being targeted and emerging tactics used by criminals, understanding the risks and implementing measures to mitigate them.

Presented by:
Jason Baynard
VP Underwriting
NBIS Construction & Transportation Insurance Services, Inc.

Michael Caney
Chief Commercial Officer
Highway

Janelle Griffith
Managing Director, North American Logistics Leader
Marine, Cargo & Logistics
Marsh USA LLC

Keywords

Inland Marine Underwriters Association

webinar

cargo theft

cybercriminals

logistics

technology investment

risk transfer

motor truck cargo policies

cyber exclusions

tracking and verification

industry collaboration

risk assessment

underwriting practices