Cargo Breaking News
Vahak has announced a collaboration with SecureNow, a leading tech-enabled insurance platform for businesses, to offer cargo insurance to the Indian trucking community. Vahak, co-founded by IITians Karan Shaha and Vikas Chandrawat, is on a mission to digitise the Indian logistics sector, which contributes over 14% to India’s GDP. This logistics tech company is fostering India’s largest ecosystem of transport SMEs, shippers, and lorry/fleet owners on its website and app, amid the fast-growing $250 Billion logistics sector in the country. Karan Shaha, Co-Founder, and CEO at Vahak, said, “Our vision is to build a trusted transport community platform that addresses the needs of transporters, fleet owners, and truckers for growth. While the Indian trucking business remains fragmented and unorganised, and largely not covered under social security benefits, we want to bring peace of mind to the demand and supply sides, helping them mitigate the financial risks associated with transporting goods.” Discussing the need of the hour, Shaha elaborates, “India transports nearly 4.6 billion tonnes of freight annually, generating transport demand of 2.2 trillion tonne-km, as per NITI Ayog. As this demand grows, associated road freight movement is likely to increase to 9.6 trillion tonne-km by 2050. And as road freight travel grows, the number of trucks is likely to more than quadruple, to roughly 17 million trucks by 2050. And, so will the urgent need to safeguard the transported cargo.”
Cargo insurance can protect trucking companies and shippers against losses due to theft, accidents, natural disasters, and other unexpected events that can cause damage or loss of cargo. This can help mitigate the financial impact of these losses and provide peace of mind to both parties. Many shippers and manufacturers may require trucking companies to carry cargo insurance in order to comply with regulations or contractual obligations. Failing to have proper insurance coverage can lead to penalties and legal issues. Having cargo insurance gives fleet owners and truckers competitive advantage over those that do not, as they can offer load owners and manufacturers an added level of protection and reassurance, improving customer satisfaction and building trust in the long run.
