McGriff Launches On-Demand Excess Liability Product for Freight Brokers February 8, 2021
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.