McGriff has announced the launch of a new insurance product that allows freight brokers to purchase excess auto liability online.
McGriff’s TripExcess product is a per-shipment 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 are outside of their existing liability policy.
Read more: McGriff launches group captive practice
“In an increasing litigious climate, we see more shopper and 3PL/broker contracts requiring the servicing motor carrier to provide a $2 million auto liability limit,” said Brett McGinnis, executive vice president at McGriff, who was one of the primary developers of the new product, in partnership with wholesale broker Worldwide Facilities.
He continued: “That reduces carrier capacity, since less than 5% of the operating carriers can meet this need. 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. TripExcess is the first solution to address this new transactional reality in the transportation space.”