Otonomi launches air cargo delay insurance

Parametric insurance MGA Otonomi has introduced freight delay insurance by the hour where customers can choose between 3, 6 or 12 hour coverage.

It aims to reach companies across the United States, Latin America, and Asia-Pacific that operate in the following sectors: Medical & Life Sciences, Perishables, and Critical-Auto.

Medical & Life Sciences: This sector relies on the timely delivery of sensitive shipments such as medical specimens, clinical-trial materials, pharmaceutical substances, and cold-chain assets, which are particularly vulnerable to delays.

Perishables: Industries dealing with high-value perishable goods like salmon, produce, and fruits benefit from this coverage to maintain product integrity during transport.

Critical-Auto: Just-in-time manufacturing processes depend on precise delivery schedules, making this coverage vital for avoiding production delays.

Otonomi is licensed in AR, AZ, CO, DE, FL, GA, IL, IN, KY, MD, MA, MI, MN, MS, NH, NJ, NY, OH, PA, TN, TX, WA, and WI, and has raised $4.5 million since its inception in 2020.