McGriff has launched a new product that gives freight brokers the ability to purchase excess auto liability coverage online.
TripExcess is a per-shipment excess liability product that will allow shippers, 3PL/brokers and motor carriers to maintain a required $2 million auto liability limit. Carriers can use TripExcess to contract loads that may be outside of their existing liability coverage, providing an alternative to typical annual excess liability policies.
Brett McGinnis, an executive vice president at McGriff, said more shipper and 3PL/broker contracts are requiring the servicing motor carrier to provide a $2 million auto liability limit, which reduces carrier capacity since less than 5% of the operating carriers can meet this need.
McGinnis, one of the primary developers of the new product, worked in partnership with wholesale broker Worldwide Facilities, as well as a US- based insurance company that is rated “A” (Excellent) with a stable outlook by A.M. Best.
“Traditionally, insurance has been purchased through annual contracts, but with servicing capacity now tighter than ever, the trucking industry has become more and more transactional,” added McGinnis.
TripExcess addresses the new transactional reality in the transportation space and offers a pay-as-you-go option, which allows freight brokers to maximize the volume they haul.
McGriff is a full-service insurance broker providing risk management and insurance to clients across the United States. The firm’s coverages include commercial property and casualty, corporate bonding and surety services, cyber, management liability, captives and alternative risk transfer programs, small business, employee benefits, title insurance, personal lines, and life and health. McGriff Insurance Services, Inc. is a subsidiary of Truist Insurance Holdings.
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