TCA FINANCIAL PROTECTION PLAN (FPP)
Learn how our FPP protects our members from Bankruptcy.
The TCA Financial Protection Plan (FPP) is a fund controlled by our network that provides coverage to all our members against bankruptcy, insolvency, fraud, and bad debt.
Yearly contributions:
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U$500.00 per year per member.
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U$250.00 per year per sub-office.
Freight Protection Coverage:
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Claim amount set at U$10,000.00 per eligible claim.
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Maximum claim amount U$20,000.00 per annum per member.
Rules:
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The FPP protects TCA members against unpaid invoices for commercial shipments owed by other TCA members in cases of bankruptcy or insolvency, not for disputed invoices.
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The FPP is compulsory for all members.
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Both origin and destination agents must be official TCA members.
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Head offices bear full financial responsibility for their branch offices.
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The FPP covers direct freight forwarding costs, excluding profits, interests, penalties, VAT, and other taxes. All invoices must be presented in case of claims.
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The FPP does not cover cargo or freight liability insurance, including customs penalties, warehouse charges, storage charges, demurrage costs, value of goods, duties/taxes, costs due to errors, omissions, or bankruptcy of a member.
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TCA cannot be held responsible for commercial or financial obligations not met by members.
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Members must settle debts within 30 days of invoicing or earlier for amounts exceeding U$5,000.00, unless mutually agreed otherwise.
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Claims must be filed within 90 days from the invoice date.
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Claims less than 60 days old will not be accepted.
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Expelled or suspended members lose protection immediately.
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To be eligible for the FPP, members must pay annual fees on time.
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Protection fees are non-refundable and non-transferable.
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Recipients must sign an agreement for future recoveries in favour of TCA FFP and declare accuracy of supporting documents.
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The board may hand over claims to FDRS or other official instances, and paid-out members must renounce debts in favour of TCA.
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TCA mediates cases via video-conferencing, correspondence, or document review.
TCA's guideline for credit terms is within 30 days or latest within 45 days or earlier for amounts exceeding U$5,000.00, unless special terms are agreed upon between members. It is the responsibility of members to exercise due diligence and communicate clearly on payment terms.