PBLA Payment Protection Plan designated to allow financial support toward loss of freight payments incurred due to an insolvent or bankrupt member.
All members are asked to participate in the PBLA Payment Protection Plan.
The PBLA Payment Protection Plan yearly contribution schedule: 1st year: USD $500.00 and 2nd year: USD 250.00
Per member/per participating office will be paid into a separate “Trust Fund” for the sole purpose toward supporting the loss of freight payments incurred by a participating member due to an insolvent/bankrupt member.
The PBLA Payment Protection Plan only covers financial support toward loss of billed freight charges.
Other charges such as Duties & Taxes or COD collections are not covered.
Furthermore, the PBLA Payment Protection Plan does not cover disputed invoices as those shall be referred to the PBLA Dispute Resolution Service desk.
All participating Members are clearly identified in the member directory.
The PBLA Payment Protection Plan
may pay out a maximum of 80 % of the available money in the Trust Fund every 1st Quarter of each year, in settlement to protected members with freight debts outstanding from Insolvent or Bankrupt members during the past year with a maximum amount of 20,000 USD per debtor.
The PBLA Payment Protection Plan will be managed by a PBLA Trust Advisory Board from within the participating PBLA Member Group.
The PBLA Payment Protection Plan will employ the services of a professional collection agency to pursue debt collection from the debtor to recover loss of paid out funds thru legal means.
The annual contribution to the Protection Plan and maximum aggregate amount are subject to change.
Important: Non participating members cannot access the Payment Protection Plan.
Rules governing the PBLA Payment Protection Plan among participating Members:
· The PBLA PPP will be managed by a PBLA Trust Advisory Board consisting of 2 Board Members from within the participating PBLA Member Group chaired by PBLA Management.
· The PBLA PPP is designated to allow financial support against insolvent or bankrupt members.
o Member companies who has changed ownership thru merger or acquisition remain responsible for its debt and are not covered by this plan.
· Participating member of this PBLA PPP must be in good standing, current on the annual membership fees, payment protection plan and have attended the most recent PBLA Global Network Meeting.
· The PBLA PPP
may pay out a maximum of 80 % of the available money in the Trust Fund every 1st Quarter of each year, starting year 2018.
· The PBLA PPP cover a maximum amount of 20,000 USD per debtor but may not exceed 80 % pay out of the available money in the Trust Fund.
· Freight billing must presented to the receiving station within 14 days of the date of shipment.
· The PBLA PPP does not provide coverage for shipments with payment terms of more than 30 days.
· Participating Members must submit a late payment report to the PBLA Board no later than 60 days of the date of transaction.
· The PBLA PPP cover’s only invoices within a maximum of 60 days before the claim date.
· Only freight invoices from participating offices will be eligible to this PBLA PPP.
· The PBLA PPP is limited to general cargo only. Any other type of cargo is not covered.
· Any single transaction with an invoiced amounts over USD $ 10,000 are not covered under this plan.
· The PBLA PPP yearly contribution of USD $ 500.00 per member, per participating office must be paid within 15 days of invoice date.
· PBLA Management reserves the right to update the above terms at its discretion and at any time.