• insurance cover FAQ
• invoice & payments FAQ
• application & sign-up FAQ
• debt handling FAQ
• GLS plans FAQ

Insurance Cover FAQ

which of my creditors does the insurance cover?

The insurance covers debt for transportation services among freight forwarding partners and agents, who are themselves participating in The Gold GLS Freight Protection Plan or The Platinum GLS Freight Protection Plan.

does the insurance cover all my branches?

The cover is only valid for one legal entity. If business is conducted under multiple legal entities, each individual entity needs to apply for GLS cover.

what doesn't the insurance cover?

Cargo damages, cargo shortfalls, performance liability claims and other types of liabilities are not covered.

what is underwriting?

Rather than self insured association schemes operating with limited funds and security, GLS plans are insured in the international markets and backed up by reputable underwriter insurance companies. This provides insurance takers long term safety independantly of GLS's own funding. 

are all agents of a covered forwarder protected?

No. Only debt from agents and partners, who are themselves participating in a GLS plan, are covered.

how do I know, if my partner or agent is covered?

The current status of any GLS participant may be requested online at the GLS web-site. All changes to a participants cover are distributed to GLS contacts.

can I check if my partner or agent has been refused cover with GLS?

GLS will not provide information about applicants, who have been denied cover. 

insurance cover FAQ, invoice & payments FAQ, application & sign-up FAQ, debt handling FAQ, GLS plans FAQ
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Invoice & Payments FAQ

why does GLS follow-up on invoices?

The prerequisite for underwritten insolvency insurance is that preventive and timely action is taken to address slow payments or lack of payments. The goal of GLS is to decrease the costs for underwritten insurance over time, and it is imperative for meeting this goal that a payment track record is built up.

when do I invoice?

Creditor is recommended to invoice immediately after the work has been executed and creditor must invoice latest 30 days after the work has been commenced. Invoices issued later are not covered by the insolvency insurance.

when is invoice due for payment?

Creditor must maximum give 30 days credit. Invoices giving longer credit are not covered by the insolvency insurance.

who files invoices with GLS?

Creditor must file the invoice with GLS.

how do I file invoices?

Creditor files their invoices on GLS's web-site.

when is my invoice considered filed?

The invoice is considered filed, when creditor has received an e-mail from GLS confirming filing repeating the details of the invoice.

what if I don't file my invoices?

If creditor's invoice is not filed, it is not covered by the GLS insolvency insurance. Invoices which are paid in time don't need to be filed with GLS.

which invoices should I file?

Creditor should file all invoices, where the payment is overdue and creditor should file all invoices for a new business partner.

when do I need to file invoices?

It is recommended to file invoices upon invoice issuing for new partners, and as soon as any invoice is overdue for any partner. Invoices must be filed latest 30 days from last due date. Invoices filed later are not covered by the insolvency insurance.

what if participant don't agree to the filed invoice?

GLS will pursue, that the participant confirms his agreement to the invoice. The basis for the "The GLS Timely Freight Payment Monitoring & Alerting Scheme" is, however, that both parties agree that the invoice reflects work carried out and should be settled accordingly.

what happens when payment date is due?

GLS will request confirmation from the creditor that timely payment has taken place. Unless creditor disputes that timely payment has taken place, the invoice is considered timely settled.

what if invoice is not paid in time?

If invoice is not paid in time, the creditor must inform GLS upon receiving payment confirmation request, and GLS will process the overdue debt.

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Application & Sign-Up FAQ

who can apply?

Any freight forwarder, logistics provider or customs broker can apply for participation in "The Gold Global Logistics Shield Plan".

how do I apply?

Apply by signing up from the GLS web-site. The application is processed after full receipt of payment.

how long time does application process take?

The application process takes 2-4 weeks.

who decides on my application?

GLS decide on whether the application for "The Gold Global Logistics Shield Plan" is accepted or not.

what happens when my application is processed?

The application is assessed by reviewing the information and material provided by the applicant during the sign-up, by requesting and assessing external credit reviews and by taking reference on the applicants payment track record and ethical business conduct with the applicants business partners (agents/ partners, shipping lines, air lines, networks/ associations, individuals, auditor, payment and financial tracking databases and more)

is my application always accepted?

No. The application is only accepted upon successful assessment by GLS.

why may an application be rejected?

An application may be rejected due to insufficient or incorrect information provided by the applicant, due to financial status and credit assessment result, due to individual shareholders, directors or management team members track record, or due to insufficient or lack of positive references from business partners.

who will get to know that my application was rejected?

GLS will not inform any external party about a rejection, neither will GLS respond to any enquiries of a company's application other than confirming those companies, who are indeed covered by a GLS plan.

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Debt Handling FAQ

how is GLS involved in debt between participant and creditor?

GLS will follow-up on unpaid invoices to participant on creditor's behalf for filed invoices, until invoice is settled or RED ALERT is raised for the participant.

what if participant or creditor disputes if an invoice has been settled?

GLS requests and validates adequate documentation for settlement.

what if participant don't agree to the debt?

GLS will pursue that the participant confirms his agreement to the invoice. The basis for the "The GLS Timely Freight Payment Monitoring & Alerting Scheme" is, however, that both parties agree that the invoice reflects work carried out and should be settled accordingly.

what steps does GLS take towards participants who don't settle their invoices

GLS will raise AMBER ALERT and eventually RED ALERT, if participants don't settle outstanding invoices.

which alerts exist?

AMBER ALERT and RED ALERT exist.

what is AMBER ALERT?

AMBER ALERT signifies that at least one payment from a participant is not settled in time. The purpose of raising AMBER ALERT towards a participant is to motivate the participant to settle all invoices timely and to have the AMBER ALERT cancelled. The purpose of raising AMBER ALERT towards creditors is to request the creditors exercise care when granting any kind of credit to the participant. 

what is RED ALERT?

RED ALERT signifies that a participant is no longer covered by the underwritten insolvency insurance for new invoices. The purpose of raising RED ALERT is to request the creditors no longer grant any kind of credit to the participant.

can an alert be cancelled?

Yes.

what happens when an alert is raised?

Alert status is displayed on GLS's website status enquiry. When an alert is raised, GLS will inform all GLS participants of such alert, and will additionally inform all partners (directories, credit partners and others). Such partners may inform members & stakeholders about raised alerts.

what happens when an alert is cancelled?

Current alert status is displayed on GLS's website status enquiry. When an alert is cancelled, GLS will inform all GLS participants of such cancellation, and will additionally inform all partners (directories, credit partners and others). Such partners may inform members & stakeholders about cancelled alerts.

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GLS Plans FAQ

which GLS plans are available?

"The Gold Global Logistics Shield Plan", "The Platinum Global Logistics Shield Plan" and the "The Silver Global Logistics Shield Plan" exist.

which GLS plans can be applied for?

"The Gold Global Logistics Shield Plan" can be applied for.

why can't I apply for the platinum plan?

"The Platinum Global Logistics Shield Plan" is selectively rewarded by GLS as a signifier of tracked and documented outstanding payment record under the "The Gold Global Logistics Shield Plan".

why can't I apply for the silver plan?

"The Silver Global Logistics Shield Plan" is selectively offered by GLS to companies not yet qualifying for "The Gold Global Logistics Shield Plan".

who decide if a silver plan is upgraded to a gold plan?

GLS decides.

who decide if a gold plan is upgraded to a platinum plan?

GLS decides.

does a plan with underwritten insurance but no alerting scheme exist?

No. Participation in "The GLS Timely Freight Payment Monitoring & Alerting Scheme" is a prerequisite for underwritten insolvency insurance.

does a platinum cover stay forever?

No. The participant must continuously maintain an outstanding payment record in order to keep "The Platinum Global Logistics Shield Plan".

what happens if a participant no longer is awarded platinum cover?

The participant is then covered by "The Gold Global Logistics Shield Plan". Only the participant himself is informed of the change.

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