Saturday, August 25, 2012

Network of Freight Forwarders Strikes Cargo Insurance Deal

Lloyds Brokers Offers IFLN Members 'Competitive' Rates
Shipping News Feature

US – UK - WORLDWIDE – Over the past couple of decades there has been a rise in the number of medium sized freight forwarders who have decided that strength lies in numbers and the best way to compete against the mega logistics groups is to join an associated network in which they have control over their own geographic area with fellow members as trusted partners in other parts of the world. One such worldwide network of independent freight forwarding companies, IFLN, tells us it has recently finalized a deal with London Market Insurance Brokers (LMIB), a Lloyds of London brokerage, to offer its members competitive rates for both Cargo and Error and Omissions/Liability insurance.

The Texas-headquartered network announced the news as it released details of its 20th Network Membership conference which is to take place in the Turkish city of Istanbul between 7th and 10th April next year and held at the Ceylan Intercontinental Istanbul Hotel, located right next to the Bosphorus. The IFLN is an alliance of forwarders dedicated to provide a coherent and cohesive supply chain by way of its 190 specialist freight companies in 80 countries from around the world.

The networked companies are eligible for domestic US Ocean Transport Intermediary (OTI) and foreign Non Vessel Operating Common Carrier (NVOCC) bonds as well as the new insurance deal and Michel Vanlerberghe, IFLN President, commented:

“We stress the importance of all members having adequate E&O/Liability and Legal Defence that will ultimately enhance the Network Quality Standards and Members selection process. This is also emphasized not only for the substantial financial strain that forwarders can face if liable for another party’s loss, but also as a recognition and selling point for customers and fellow IFLN members, giving them the peace of mind that the insured party is sufficiently covered and they will be compensated should any problems arise.”

Photo: IFLN members use a social meeting to network with overseas members