FNC Payment Protection Plan: FNC group offers the Freight Protection Plan to its members. All FNC members are eligible to participate in the Self Freight protection Plan while paying a small premium to its fund pool.
FNC Payment Protection Plan
Credit policy: A payment protection policyholder can deal with all FNC members for business, irrespective of their membership category.
As per FNC Group, credit policy is concerned each member is entitled to offer credit limit as below.
Maximum claim amount USD 5000 per Basic Member
Maximum claim amount USD 10000 per Verified Member
Total Claim allowed per year: USD 20000
To simplify the above, a policyholder can offer a credit limit of USD 5000 to a basic member and USD 10000 to a verified member.
Participation in Program: All approved FNC members can participate in the Freight Protection program. Each member has to pay USD 1000 to take part in this program. Currently, all new membership registrations are compulsory to join freight protection program.
Purpose of the program: To boost the bilateral relationship between members.FPP provides compensation between members during any case of the unpaid invoice due to bankruptcy by another fellow member.
Freight Guaranteed Badge: All participants will receive a badge to use in their email signature, website, and other stationery
FNC Group does not accept any claim from the member who does not hold the Freight Protection Policy.
All members must report FNC Admin if there is an unreasonable delay of payment by the fellow-partner in the group.
FNC Admin will there-on interfere and will make a follow-up and assist further.
Please email email@example.com to know more about fnc group freight protection program or additional protection information.
Terms & Condition
The Freight Protection Plan is applicable from the date of joining until one year. Freight Payment protection has to be renewed every year.
The claim cannot be accepted if the business is done before the policy’s commencement date.
This program is applicable for freight payment default only. Cargo Claim is not applicable to this program. Each member can obtain the cargo insurance and third-party liability insurance separately.
The following documents are required to prepare for the compensation.
Unpaid Invoice related to freight forwarding, project handling or transportation
Copy of 3 reminders should be intimated in a reasonable interval.
Creditors must report the default within 90 days from the date of Invoice
Each case will be evaluated by the administrator approval. Admin office appoints the collection agents to recover the payment.
On failure of collection by the recovery agency, admin office will instruct to release the compensation from the fund pool. It takes approx 45 days to complete the compensation procedure.
Before offering or accepting business, we request to check the FNC group directory and confirm if the member is holding a valid membership in the group.
Members will not be entertained to do business or claim for the protection program even after the notification of any suspended / Terminated member of the group is announced.
We request the member to carefully read each announcement/circulation message from FNC admin and forward the same to your respective department in your office.
16 Raffles Quay
#41-01 Hong Leong Building
Registration No : 201108828G