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| Insurance & Risk Management System |
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GSLA, as a committed freight forwarders network to provide 100% debt free solutions for our members, we provide in-depth financial due diligence on our members all over the world by visiting each and every members of the network and will also assign qualified professionals to run credit checks on each member prior to approve any applications.
We have also established a payment guarantee insurance program between members and agents as valued added pay-in service available to all members. |
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| GSLA Special Risk Management Solution (SRMS) |
GSLA offers a payment protection program for its members for their financial dealings amongst the members and also offers a payment protection programme as a value added pay-in-service in association with our insurance provider and the please find the details are as follows:
The insured is covered for the risk of any non-payment of legally substantiated and insured claims occurring by reason of:
- A customer’s inability to pay in consequence of this financial collapse
- Protracted default of a customer who has not paid the entire outstanding amount within the maximum payment period, insofar as this protracted default is not due to a disputed claim.
FYI, the maximum payment period here refers to a term of payment of up to 90 days from the date of invoice for the deliveries and performances which is allowed. The maximum compensation sum within one insurance year amounts to 30 times the actual paid premium of this same insurance year. Hence, this means that the maximum compensation paid in case of a bad-debt loss is 90% of the loss for those customers for whom the insurance company has fixed an individual credit limit.
The insured needs to provide us a list of their insurable customers (including their credit terms and annual turnovers) for approval which will be subject to a financial status check by the insurer prior to confirmation of insurance cover. There is a fee charged for each financial status check. Only then will the insurer be able to determine the credit limit for each of these insurable customers.
The premium is calculated according to the individual risks / annual turnover of the insured company. |
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| GSLA Freight Forwarders Liability Solution (FFLS) |
GSLA has specially customized and developed The Freight Forwarders Liability Solution (FFLS) in association with our insurance provider, for our member Freight Forwarders and Logistic Operators, which covers their liability arising from their activities in the international transport business, national or international logistic business.
The insurance coverage includes:
- The logistic operator´s liability, DURING transportation, temporary storage, handling of the goods at the warehouse, transhipment of the goods including loading and unloading for transport reasons ACCORDING to the legal provisions including the regulations of the commercial code of the respective country in which the insurer has his registered office.
- The logistic operator´s or freight agent´s liability as per International Carriage Regulations (Warsaw Convention, Montreal Convention, Hague-Visby Rules).
- The logistic operator´s liability resulting from the Bill of Lading.
- The Container Hull Insurance and Customs Liability.
- The liability of the insured for Errors and Omissions i.e. financial losses, Lawyer’s fees and costs arising during lawsuit in connection with a claim against the policyholder.
OPTIONAL: The general Third Party Liability Insurance (damage to and loss of third party property including death, injury and sickness of third persons and other public liability in connection with a logistic contract) at additional pay-in-service.
The premium is calculated according to the individual risks / annual turnovers of the insured company. |
| GSLA Marine Insurance |
GSLA offers cost effective marine policy for our members as a value added pay-in-service and members can benefit from this special priced service, if apply through the GSLA Team.
This policy can be issued for any type of shipment originating from any part of the world and due to the various different time zones, if the instructions are given to us in the morning (GMT +4), the scanned copies of the policies will be emailed to the concerned parties by end of the same working day, otherwise, latest, the following day. This applies to both air and ocean shipments.
For More details, please visit our insurance service provider
http://www.tg-c.com
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