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Net4Log collects an annual insurance premium from each Trusted Member.
NET4LOG
Freight Protection Plan
Net4Log Freight Protection Plan (FPP) is a specialised insurance solution that safeguards Trusted Members against potential financial losses arising from the non-payment of freight invoices due to a partner's bankruptcy or insolvency. This plan is designed to provide financial security, ensuring that if a partner within the network becomes unable to fulfil their payment obligations, the affected members are protected from financial risk.
How does it work?
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The amount collected is referred to as the FPP Fund, which is maintained in a separate account, audited and managed by the FPP Management Team.
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If a Trusted Member becomes insolvent or bankrupt and is unable to pay invoices, the partner can file a claim with the Net4Log FPP Management Team.
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The Net4Log FPP Management Team will investigate the claim and determine whether it is covered by the plan.
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The Net4Log FPP Management Team will notify all network members of the final decision on the claim.
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If the claim is approved, the amount will be disbursed from the FPP Fund.
Note:
- Any claim payment of $1,500.00 or below will be paid by way of a credit note from Net4Log PTE LTD, which can be used only against future membership fees. This is to avoid incurring wire fees on small amounts.
- Total claims will be settled on a first-come basis and will not exceed the corpus value of the FPP.
Want to Know More?
Frequently Asked Questions
1. What is the Net4Log Freight Protection Plan (FPP)?
The Net4Log Freight Protection Plan (FPP) is an insurance-based financial safeguard that protects Trusted Members from losses due to non-payment of freight invoices if a partner becomes insolvent or bankrupt.
2. Who is eligible for the Freight Protection Plan?
The FPP is available to trusted members of the Net4Log network, offering them added financial security against partner payment defaults.
3. How does the Freight Protection Plan work?
Members contribute an annual premium to the FPP fund. If a partner defaults due to insolvency, the affected member can file a claim; upon approval, compensation is paid from the fund to cover the loss.
4. Are there limits on Freight Protection Plan payouts?
Yes, total claim payouts are disbursed on a first-come basis and will not exceed the total corpus value of the FPP fund.
