Mikargo247, Verified Carrier launch coverage for strategic cargo theft

MiKargo247 is expanding its spot cargo insurance coverage to include strategic cargo theft under a new partnership with Verified Carrier.

The coverage is designed to address a growing category of freight fraud involving double brokering, carrier identity theft and fictitious pickups. Under the partnership, brokers using Verified Carrier can purchase MiKargo247 spot cargo insurance and have the strategic theft exclusion removed when the load is hauled by an eligible verified carrier. The companies announced the partnership Sept. 1.

Strategic cargo theft accounted for about 30% of reported U.S. cargo theft incidents in 2025, according to a June report from Munich Re Specialty and BSI Consulting . The report found that criminals are increasingly using deception, impersonation and other fraud-based methods to obtain freight rather than relying solely on physically stealing cargo from trucks or facilities.

The shift creates a challenge for brokers and insurers because fraudulent actors can make it difficult to determine who is actually hauling a load.

The FBI warned in April that cyber-enabled strategic cargo theft is increasing, with criminals using compromised accounts, fictitious companies and double-brokering schemes to divert legitimate freight. The agency recommended that transportation companies independently verify shipment requests and pickups before releasing loads.

MiKargo247's and Verified Carrier's new partnership aims to address that risk.

"The strategic theft exclusion has always been a risk management decision, not a permanent limitation," Michele McGinnis, CEO of MiKargo247, said in the announcement. "If we know a carrier has been vetted, the fraud scenario the typical exclusion was written to address is already off the table."

MiKargo247 has been building its spot cargo insurance since entering the market in 2022. The company launched as an insurtech (insurance technology) platform offering brokers, 3PLs and motor carriers on-demand, single-trip cargo coverage, initially with limits of up to $1 million per load. The company has since expanded its reach through partnerships with freight technology platforms, including Loadlink Technologies and Trucker Path, giving their users access to coverage for individual loads.

Verified Carrier has taken a different approach to the same broader problem, focusing on establishing that the carrier involved in a freight transaction is legitimate before a shipment is picked up. Its platform is designed for brokers and shippers to verify carriers and drivers, with fraud prevention at the center of the service.