Freight Protection Plans & Other Services

Gold GLS Freight Protection Plan

underwritten and protected insurance against partner insolvency (lack of capability to pay outstandings) and active timely payment monitoring after passing a stringent due diligence, all in a package. in case of insolvency  insurance pays out 90% of outstanding up to set maximums. packaged plan include:

requirements:

  • participant has successfully passed the GLS Due Diligence
  • participant has paid due Gold GLS Freight Protection Plan fees
  • monitoring of participant's timely payments*2 is included in The GLS Payment Monitoring plan
  • participant's creditors are individually signed up and covered by Gold GLS Freight Protection Plan

due to the packaging of multiple services, total fees are reduced to:

  • one time: USD 375 (non-refundable, regardless of assessment result)
  • yearly: USD 750*1 

benefits:

  • as mentioned under GLS Payment Monitoring and GLS Due Diligence, plus:

  •  GLS gold logo, cover and alert status may be displayed in participant's own website, collateral and emails

  • GLS gold logo, cover and alert status is provided by GLS's public online participant query

    GLS gold logo, cover and alert status is published by GLS to selected freight directories listings

  • participant's creditors' receivables (90%) covered in case of participant's insolvency or bankruptcy by underwritten insurance up to a maximum of USD 55,000 per creditor, (up to an aggregated liability of USD 200,000 per insolvent participant, up to an aggregated yearly plan maximum of USD 1,000,000 for the underwriter), subject to the underwritten insurance policy terms & conditions

Invoices filed after the maximum allowed deadlines are not covered by The GLS Insolvency Insurance. All invoices filed timely with GLS are automatically participating in the GLS Payment Monitoring scheme

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Platinum GLS Freight Protection Plan 

underwritten and protected insurance against partner insolvency (lack of capability to pay outstandings) and active timely payment monitoring after passing a stringent due diligence, all in a package. in case of insolvency  insurance pays out 90% of outstanding up to set maximums. packaged plan include:

participant has successfully held Gold Global Logistics Shield for at least one year. no late payments logged for participant with GLS for at least one year.

  • same fees and cover as The Gold Global Logistics Shield Plan applies

benefits:

  • as mentioned under GLS Payment Monitoring and GLS Due Diligence, plus:
  •  GLS platinum logo, cover and alert status may be displayed in participant's own website, collateral and emails
  •  GLS platinum logo, cover and alert status is provided by GLS's public online participant query
  •  GLS platinum logo, cover and alert status is published by GLS to selected freight directories listings
  • participant's creditors' receivables (90%) covered in case of participant's insolvency or bankruptcy by underwritten insurance up to a maximum of USD 55,000 per creditor, (up to an aggregated liability of USD 200,000 per insolvent participant, up to an aggregated yearly plan maximum of USD 1,000,000 for the underwriter), subject to the underwritten insurance policy terms & conditions

note: The Platinum Global Logistics Shield Plan cannot be applied for; it is granted at descretion by GLS to participants covered by The Gold Global Logistics Shield Plan, fulfilling the stated conditions.

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Silver GLS Freight Protection Plan 

packaged plan consisting of 2 services:

participant is a candidate for becoming part of the The Gold GLS Freight Protection Plan

due to the packaging, total fees are:

  • one time: USD 375 (non-refundable, regardless of assessment result)
  • yearly: USD 250

benefits:

  •  GLS silver logo, cover and alert status may be displayed in participant's own website, collateral and emails
  •  GLS silver logo, cover and alert status is provided by GLS's public online participant query
  •  GLS silver logo, cover and alert status is published to selected freight directories listings

note: The Silver Global Logistics Shield Plan cover cannot be applied for; it is selectively offered by GLS to companies applying, but not immediately approved, for, The Gold Global Logistics Shield Plan, and fulfilling the stated conditions. Note: Participant's creditors are not covered against participant's insolvency and bankruptcy

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GLS Insolvency Insurance

underwritten and protected insurance against partner insolvency (lack of capability to pay outstandings). In case of insolvency the insurance pays out 90% of outstanding up to set maximums.

requirements:

  • participant has successfully passed the GLS Due Diligence
  • participant has paid due freight protection fees to GLS, USD 750*1/ year
  • monitoring of participant's timely payments*2 is included in The GLS Payment Monitoring plan
  • participant's creditors are individually signed up and covered by GLS Insolvency Insurance

benefits:

  • participant's creditors' receivables (90%) covered in case of participant's insolvency or bankruptcy by underwritten insurance up to a maximum of USD 55,000 per creditor, (up to an aggregated liability of USD 200,000 per insolvent participant, up to an aggregated yearly plan maximum of USD 1,000,000 for the underwriter), subject to the underwritten insurance policy terms & conditions

Invoices filed after the maximum allowed deadlines are not covered by The GLS Insolvency Insurance. All invoices filed timely with GLS are automatically participating in the GLS Payment Monitoring scheme.

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GLS Payment Monitoring

secure timely freight payment by joining the GLS Payment Monitoring scheme; can for example be incorporated as an integral part of a network's procedures.

requirements:

  • payment for joining the GLS Payment Monitoring plan, USD 350/ year
  • filing of participant's debt via creditor on GLS website or GLS self filing via invoice copy (USD 1/ invoice)
  • participant accepts that GLS will publish timely payment status in public (also non-timely payment)

benefits:

  • neutral 3rd party follow-up on timely payments

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GLS Due Diligence

neutral and independant due diligence assessment services establishing if a freight forwarder has a record of timely payments to overseas agents and business partners. can f.ex. be incorporated as part of a network's process of accepting new members or for screening current members, "due diligence powered by GLS". USD 375/ assessment. sign-up here.

requirements:

  • participant has paid due diligence fees to GLS, USD 375*
  • participant has provided requested details about company, directors and owners to GLS

*fees are non-refundable regardless of assessment results

benefits:

  • certificates will be issued to those who successfully passed due diligence
  • viable for GLS Insolvency Insurance within 6 months of due diligence

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GLS Liability Insurance

a liability insurance tailored for SME freight forwarders. see standard terms & conditions here. ask for quote here.

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GLS Netting

a network settlement service amongst members for single-monthly transfer (send or receive) depending on balance of outstandings. can for example be incorporated as part of a network's process of accepting new members or for screening current members ask for details here.

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*1 Turnover Based Insurance Premium and Cover Liability

fees are valid for yearly turnover up to USD 25,000,000.

*2 Creditors Timely Filing of Invoices

  • recommended invoice date: immediately after work executed (maximum allowed 30 days after work commenced)
  • invoice last due date: latest 30 days after invoice date
  • recommended filing of invoices with GLS: upon invoice issuing (maximum allowed 30 days from last due date)

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