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What is TripExcess.com?
TripExcess.com is a website through which members of Spot Excess Purchasing Group, Inc. can apply for excess liability insurance for one-way deliveries that contain a Bill of Lading (a Bill of Lading is required). Members can purchase coverage online, via credit card, and send a certificate to the consignee within 5 minutes. It is a fast and affordable alternative to expensive excess liability annual policies. It really is “pay as you go” excess liability insurance. Requirements and restrictions apply.
What is Spot Excess Purchasing Group, Inc.?
Spot Excess Purchasing Group, Inc. is an Illinois domiciled Risk Purchasing Group sponsored by Worldwide Facilities, LLC. A Risk Purchasing Group is an entity formed in compliance with the Risk Retention Act of 1986 authorizing a group of insureds engaged in similar businesses or activities to purchase insurance coverage from a commercial insurer. Spot Excess Purchasing Group, Inc. was created to purchase excess liability insurance for Carriers (Transportation Professionals) seeking additional limits in “spot markets” including, but not limited to, one-way trips that contain a Bill of Lading and short-term contracts. The coverage is provided by a United States based insurance company that is rated “A” (Excellent) with a stable outlook by A.M. Best Company and who shares a Financial Size Category of Class XIII. Membership into Spot Excess Purchasing Group, Inc. is available in all states.
Do I need to be a member of Spot Excess Purchasing Group, Inc.?
Yes. However, membership is free and easy to obtain if you qualify. Please review the requirements for membership below:
What are the requirements to become a member?
A valid US CDL (International licenses are not accepted)
Current Auto Liability policy of at least $1,000,000 Combined Single Limit with an A.M. Best "A" rated carrier.
Current General Liability policy of at least $1,000,000 occurrence and $1,000,000 General Aggregate with an A.M. Best "A" rated carrier.
How do I become a member of Spot Excess Purchasing Group, Inc.?
It's easy. Your membership will be created at the time of your first purchase.
Do I need to sign up for membership every time I want coverage?
No. Once you setup a user account and approve the warranty statement, your membership remains active so long as you maintain the required criteria. With your user account, you can quote your next load, review previous loads, or book multiple loads.
Who is Worldwide Facilities, LLC and McGriff, Seibels, and Williams?
Worldwide Facilities, LLC (www.wwfi.com) is one of the largest wholesale insurance brokers, managing general agents, and program underwriters in the country. Worldwide Facilities, LLC is the sponsoring organization of Spot Excess Purchasing Group, Inc. and facilitates Spot Excess Purchasing Group through McGriff, Seibels, and Williams, Inc.(www.mcgriff.com)McGriff, Seibels, and Williams has over 850 employees in 12 offices throughout the United States. McGriff, Seibels & Williams is a wholly owned subsidiary of BB&T Insurance Holdings and currently listed as the 5th largest broker in the US.
If I join and purchase coverage, are my limits shared with other members?
No. Each member who buys coverage receives a certificate of coverage showing $1,000,000 in limits. The coverage is not shared or aggregated.
When does coverage begin and end (i.e., Coverage Period)?
The Coverage Period begins after the receipt of goods by the "Certificate of Coverage Holder" at the pick-up location stated on the Bill of Lading and this "Certificate of Coverage".
Coverage terminates at the earliest of the following events:
when the insured delivers the goods to the delivery location stated on the Bill of Lading;
the Consignee as stated in the Bill of Lading, or an agent of the Consignee, otherwise takes possession of or refuses such goods; or
the trip is cancelled or terminated for any other reason
Any commodity restrictions?
Yes. TripExcess™ is open to most commodities, but coverage is not available for hazardous chemicals that require a filing, oversized loads, oilfield related accounts (frac sand/water haulers), or logging.
Can TripExcess™ provide filings?
Does TripExcess™ provide follow form pollution?
Not for the commodities hauled. TripExcess™ does follow form provided primary coverage for pollution of normal operating fluids contained within the vehicle.
What is the coverage territory?
“Coverage territory” means the travel route between the pick-up and delivery locations as stated on the Bill of Lading and the “Certificate of Coverage”, provided that the travel route is entirely within the United States of America and/or the District of Columbia. Insurance coverage can be provided for travel in Canada, provided the coverage is purchased in the United States. The coverage is available through the purchasing group only to insureds in the United States. Coverage does not include or extend to Mexico or to any of the United States' territories or possessions.
Strong Domestic paper – A.M. Best rated: "A" XIII
Simple Follow Form policy with limited exclusions.
“Real” Insurance. This is a Risk Purchasing Group, so every insured has their own unaggregated limits.
Pay for only the coverage you need; when you need it.
Simple and On Demand. You can obtain a quote in just a few minutes, and pay for a policy with a credit card.
Broker/Load Board/Shipper Benefits
TripExcess provides an additional layer of protection ($1,000,000) to the carrier (trucker).This is not contingent auto or contingent General Liability excess coverage. This is Excess Liability above the carrier’s (truckers) Primary Auto Liability limit of at least $1,000,000 and Primary Commercial General Liability limit of at least $1,000,000 occurrence and $1,000,000 General Aggregate. The advantage of a TripExcess Excess Liability policy is the cost and convenience of purchasing Excess Liability Coverage by the load paying for the coverage you need when you need it eliminating the need to purchase expensive annual policies.
TripExcess will allow Load Boards/Brokers to broker loads that require $2,000,000 in limits to their top carriers (trucker) that may only carry $1,000,000.
If you would like to generate multiple certificates for multiple loads simultaneously, TripExcess.com offers API integration or an Excel-based bulk upload utility. Please visit the API/Bulk link on the homepage or [email protected].
TripExcess™, TripExcess.com, and the TripExcess Logo are trademarks of United States Fire Insurance Company and are used here under license by Worldwide Facilities, LLC.