Global Logistics Summit Network (GLSN) understands that the security of freight debts is of primary importance to GLSN Network Partners and so, has established the following Payment Protection Fund (PPF) that covers bad debts defined as unpaid freight invoices from another GLSN Network Partner in the even of non-payment.
Where to see if a GLSN member has the Payment Protection Fund?
- Whenever a Network Partner Profile is viewed in the Network Directory details of their PPF coverage is displayed for easy review.
- Their coverage will either say ‘none’, ‘5000’, ‘10000’ or '15.000' indicating the height of their coverage.
Where to report a new case?
- You can submit your case via the member dashboard, mobile-app or via [email protected]
- To be eligible for PPF coverage, the relevant delinquent debts must have been reported to GLSN on a timely basis. If debts are not reported on a timely basis to GLSN, any PPF coverage may be denied. We determine that a timely basis is within 45 days after invoice date.
- PPF coverage is only applicable on transactions generated by locations covered by their GLSN membership. Interest, Collection Fees, File Profits, Currency Fluctuations, Operational Errors, Goodwill Settlements, Acts of God, etc. are not covered.
- Any new case will be investigated to its full extend by GLSN or a nominated party
- GLSN will always act in a non-partial manner, and only facts will determine the outcome of a case.
- All parties will always have enough time to provide proof which helps their case
- The decided outcome of a case by GLSN is binding, unless new evidence comes to light which was previously not known
- PPF coverage will only be paid following the assignment of the relevant debt ownership to GLSN (or its nominee).
- The maximum amount that will be paid out in any single incident is 80% of an aggregate amount of USD 15,000 / USD 10,000 / USD 5000 dependent on your coverage. Should the total of claims exceed above maximums, claims will be paid on a pro-rata basis.
- GLSN reserves the right to take or outsource legal action after receiving ownership of said debt
- GLSN reserves the right to give away or sell the ownership of a debt to a third party.