February 3, 2021
McGriff today announced the launch of a new insurance solution designed to allow freight brokers 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 a fast and affordable alternative to expensive annual excess liability policies.
“In an increasing litigious climate, we see more shipper and 3PL/broker contracts requiring the servicing motor carrier to provide a $2 million auto liability limit. That reduces carrier capacity since less than 5 percent of the operating carriers can meet this need,” said Brett McGinnis, an executive vice president in McGriff’s Transportation Practice. McGinnis was one of the primary developers of the new product, 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 Company and that shares a Financial Size Category of Class XIII.
“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 is the first solution to address this new transactional reality in the transportation space.”
The TripExcess pay-as-you-go solution allows freight brokers to maximize the volume they haul, and ultimately earn more revenue with more loads. To learn more, visit www.TripExcess.com (opens in a new tab).
McGriff is a full-service insurance broker providing risk management and insurance solutions 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.
Truist Insurance Holdings, Inc. (opens in a new tab), the sixth largest insurance broker in the U.S., is a wholly-owned subsidiary of Truist Bank. Truist Insurance Holdings operates more than 250 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC; and its Premium Finance companies (AFCO Credit Corporation, Prime Rate Premium Finance Corporation, Inc., and CAFO Inc.).
