Trucking insurer expands eligibility, coverage
Feb 1, 2003 12:00 PM
The TRIP Insurance Program, an insurance program owned by its member trucking companies, has expanded membership eligibility to include local and intermediate hauling operations, in addition to long-haul trucking operations.
Formed in 2001 in response to escalating insurance costs, TRIP now offers coverage for its members through an AM Best “A”-rated carrier for worker compensation in addition to general liability and fleet auto liability. The program, known as a “captive” in insurance circles, financially rewards member companies that are able to control losses. Companies achieving positive loss control results receive net underwriting profits and investment income. This can turn what would otherwise be a sunk cost into positive cash flow to the trucking company's bottom line.
TRIP specifically targets trucking companies operating from 75 to 300 vehicles. The companies must be able to demonstrate a track record of controlling their losses, financial stability, and a strong commitment to safety and risk control. Haulers of agricultural products, automobiles, and hazardous material, as well as operations whose fleet consists of overweight or oversize vehicles, are excluded from this program.
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