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Freight forwarder insurance plan to launch at Macau summit

Freight forwarder insurance plan to launch at Macau summit

Hong Kong: The first global freight protection plan for independent freight forwarders will launch at a conference taking place at the Venetian Macau on September 21-6.

Global Logistics Shield (GLS) provides cover against losses due to an individual company's inability to pay outstanding freight charges and is insured on international markets and supported by reputable underwriters. The fund is underwritten to provide US$1 million of cover.

The plan provides improved cover for companies compared to self insured schemes which have limited funds and security. GLS is neutral and independent of any network group, association or club. The GLS Timely Freight Payment Monitoring & Alerting Scheme allows users to monitor and validate payments and issue alerts when payments are overdue.

"For many years it has been a concern of many independent forwarders that they are vulnerable to losses incurred when another forwarder is unable to pay freight charges," said Rene Bendt, GLS, Director. "We decided to launch GLS at The Freight Summit as the event is focused on providing a neutral and open forum for the SME forwarding sector. The GLS Freight Protection Plan is available to all freight forwarders or logistics companies even if they are not members of an affiliated network." [25/06/10]