As the global biz scene is facing huge debt collection challenges, through GLS’ timely freight payment monitoring and alerting scheme such risks are minimized drastically
HONG KONG, March 14, 2013 - Global Logistics Shield (GLS) said it is pleased to announce that three renowned and global networks have signed up recently for its rapidly growing unique freight protection services that it is offering to forwarder and logistics services provider networks worldwide.
The latest networks to join GLS include The WWPC Freight Forwarder Network - WorldWide Partnership Cargolink Network (WWPC), World Freight Network Ltd (WFN) and Specialist Freight Networks (SFN). The other GLS members are from the China Logistics Club (CLC) and Combined Logistics Network (CLN).
GLS provides a timely freight payment monitoring and alerting scheme as well as the industry’s first professionally underwritten insolvency insurance protection plan for the freight and logistics industry, launched in July, 2010. The policy, underwritten by Chartis, provides bankruptcy cover for participating companies on a global basis. GLS is underwritten to provide US$1 million of cover.
Commenting on the decision to join GLS, Mr. Leslie Taylor-McLaughlin, Chief Executive Officer of WWPC, said: “WWPC members will participate in the GLS Freight Protection Plan. WWPC considers the GLS Freight Protection Plan to be vital and an integral part of maintaining standards of excellence and total financial security between our members.”
“It will allow the WWPC members the ability to concentrate on building relationships and business, rather than collection of invoices,” said Mr. Taylor-McLaughlin, who heads WWPC that has members located in 254 cities in 108 countries.
Regarding WFN’s move to join GLS, Ms Kelly Bunyan, managing director of WFN, said, “In an ever increasingly challenging economy, freight forwarders are looking for payment protection when joining a network. Being heavily regulated by the Financial Services Authority in the UK, it has been impossible to meet such expectations…until now.
“GLS is a godsend; after years of research, a veritable solution is finally in place within World Freight Network. We look forward to working in conjunction with GLS for the safe protection of our members.”
Ms Bunyan, who is also SFN’s managing director, said: “I am proud to announce our alliance with GLS. As Specialist Freight Networks is in its infancy, having a payment protection scheme in place is wonderful. Members will be able to extend credit to one another, risk free.
“GLS is a saviour in our industry. We look forward to working in conjunction with GLS for the safe protection of our members.”
“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. The GLS Freight Protection Plan is available to all freight forwarders or logistics companies even if they are not members of an affiliated network,” said Rene Bendt, director of GLS.
About Global Logistics Shield: GLS, which has offices in Hong Kong and Singapore, 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, lowering and limiting the risks of non-payment.