McGriff launched a new product that allows freight brokers to get excessive auto liability insurance online.
TripExcess is a per-shipment over-liability product that allows shippers, 3PL / brokers, and automobiles to meet a required auto liability limit of $ 2 million. Freight forwarders can use TripExcess to allocate loads that may be outside of their existing liability insurance. This is an alternative to the typical annual liability insurance.
Brett McGinnis, executive vice president at McGriff, said more shipper and 3PL / brokerage contracts require the waiting haulier to have an auto liability limit of $ 2 million, reducing the carrier’s capacity as less than 5 % of operating airlines can meet this demand.
McGinnis, a key developer of the new product, worked with wholesale broker Worldwide Facilities as well as a US-based insurance company run by A.M. was rated “A” (excellent) and has a stable outlook. Best.
« Traditionally, insurance has been purchased on an annual basis, but with service capacity now tighter than ever, the trucking industry has become more transactional, » added McGinnis.
TripExcess addresses the new transactional reality in transportation and offers a pay-as-you-go option that enables freight brokers to maximize the volume they move.
McGriff is a full service insurance broker offering risk management and insurance to clients in the United States. The company’s insurance coverage includes commercial property and casualty insurance, corporate bonds and surety services, cyber, management liability, captives and alternative risk transfer programs, small business, employee benefits, property insurance, personal insurance, and life and health. McGriff Insurance Services, Inc. is a subsidiary of Truist Insurance Holdings.
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