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Net4log collects an insurance premium amount from each trusted member every year
Freight Protection
Plan
Net4Log Freight Protection Plan (FPP) is a specialized 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 fulfill their payment obligations, the affected members are protected from financial risk
How does it work?
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The amount collected on this head will be referred to as the FPP fund, which will be maintained in a separate account, audited and managed by the FPP management team
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If any trusted members become insolvent or bankrupt and are unable to pay the invoices, partner can file a claim with the NET4LOG FPP management team
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Net4log FPP Management team will investigate the claim and determine if it is covered by the plan
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Net4log's FPP management team will notify all network members regarding the final decision on the claim
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If the claim is approved, the claim amount will be disbursed from this FPP Fund
Note:
- Any claim payment that is $1500.00 or below will be paid by way of a credit note from Net4log pte ltd that 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 case.
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, a claim can be filed and, upon approval, compensation may be paid from the FPP fund to cover the loss.
4. Are there limits on Freight Protection Plan payouts?
Yes, total claim payouts will be disbursed on the basis of Net4Log FPP plans
