Mikargo247, Verified Carrier launch coverage for strategic cargo theft

Mikargo247, an insurance technology provider specializing in spot cargo insurance, has partnered with Verified Carrier to expand its coverage to include strategic cargo theft. This new collaboration aims to address the rising issue of freight fraud, which now accounts for around 30% of reported cargo theft incidents in the U.S., as reported by Munich Re Specialty and BSI Consulting in a June 2025 study.

Strategic cargo theft involves techniques such as double brokering, carrier identity theft, and the use of fictitious pickups. These tactics make it challenging for brokers and insurers to determine who is actually responsible for hauling a load. The FBI has also warned about the increasing prevalence of cyber-enabled strategic cargo theft, highlighting the need for transportation companies to independently verify shipment requests and pickups.

Michele McGinnis, CEO of Mikargo247, explained that the strategic theft exclusion in their coverage policy is a risk management decision rather than a permanent limitation. The partnership with Verified Carrier allows brokers using Verified Carrier's platform to remove the strategic theft exclusion when the load is hauled by an eligible, verified carrier. This new arrangement makes certain types of cargo theft eligible for coverage, bridging the gap between carrier verification and cargo insurance.

Verified Carrier focuses on ensuring the legitimacy of carriers before a shipment is picked up, while Mikargo247 provides financial protection for cargo once it is in transit. By combining their expertise, the two companies aim to make the freight transaction process more secure, protecting all parties involved. Alex Panfilov, founder and CEO of Verified Carrier, emphasized that the partnership will make fraud more difficult throughout the supply chain and provide tangible benefits for carriers that participate in the verification process.