Quest News™

December 10, 2013

Avalon and CargoNet Align to Combat Cargo Theft

CHICAGO (Tuesday, December 10, 2013) — Avalon Risk Management, a premier provider of insurance and surety solutions for the logistics industry, has joined forces with CargoNet® to assist clients in the prevention of cargo theft and increase the likelihood of recovery when it does occur. Avalon also announces policy enhancements to respond to cargo theft and identity fraud. CargoNet is a division of Verisk Crime Analytics, a Verisk Analytics (Nasdaq:VRSK) company.

One of the many initiatives that Avalon has taken to help clients reduce cargo theft risk is offering the valuable CargoNet service to its clients. CargoNet is centered on a national database and information-sharing system managed by crime analysts and subject matter experts. By providing coordinated incident communications, recovery support and deterrence measures, CargoNet helps its members prevent cargo theft and improve chances of recovery.

“This initiative demonstrates Avalon’s significant commitment to helping its clients mitigate cargo theft and the risk of supply chain interruption,” said Anthony Canale, general manager, CargoNet. “Protecting cargo and people is crucial in today’s market, where cargo theft remains a significant threat.”

The window to recover stolen cargo narrows as time passes and the likelihood of recovery is eventually diminished. “We are excited to offer multiple layers of protection for our clients against the increasing threat of theft and identity fraud,” said Michael Brown, executive vice president of Avalon. “Our strategic relationship with CargoNet will augment the features we have added to the Combined Transit Liability Policy.”

Avalon now offers a reduced deductible incentive specifically designed to encourage prompt reporting. For the reduced deductible to apply, it requires the proper utilization of a tracking device and the timely services of a recovery team, whether it is through law enforcement or data analytics companies such as CargoNet.

With identity theft on the rise, costs to defend and restore a business can be costly. Avalon’s new Identity Fraud Coverage will pay for defense costs and reimbursement of expenses associated with tasks necessary to restore credit. Avalon also offers coverage for the Dishonest Acts of Carriers for Hire or the new uniquely designed option of Extended Dishonest Acts of Third Parties — specifically tailored to cover fraudulent pickups by impersonation. The new identity fraud coverage and policy enhancements are only available in Avalon’s Combined Transit Liability Policy.

About Avalon

Avalon Risk Management provides insurance and surety solutions to the transportation and logistics industries. Local service is provided through ten offices in major U.S. port cities and Toronto, Canada. Products include: Bonds, Marine Cargo Insurance, Professional Liability, Property & Casualty, Executive Risk coverage and specialty auto programs including Truck, Courier and Paratransit insurance.

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