IIFA & the FIATA Diploma take its first steps onto the web

Individual FIATA Diploma Tutorials Now Available

Individual subjects of the FIATA Diploma in Freight Forwarding may now be studied (minimum of 2).

- Subjects are offered via blended learning

- Attendance at only three 2 hour tutorials is necessary over a 10 week period

- Results certified by the Irish International Freight Association

- Timetables can be structured around individual requirements

This service is a valuable asset for those changing or seeking to change department in the near future as courses are available now and can be customized around the specific needs of individuals. Highly recommended for those who wish to increase their knowledge and confidence in any on the nine subjects of the FIATA Diploma Course.

Learning areas available to choose from:

• General Knowledge of Freight Forwarding
• Sea Freight
• Air Freight
• Road Freight
• Customs
• Logistics
• Insurance
• Dangerous Goods
• Information and Communications Technology

Zurich FIATA spring meetings

AEO Update Match 2011

New Global Air Cargo Group

FIATA, the International Federation of Freight Forwarders Associations, the International Air Cargo Association (IATA), The International Air Cargo Association and the Global Shippers Forum, at the IATA World Air Cargo Symposium in Istanbul this month came together and signed the basic principles of a new Global Air Cargo Advisory Group (GACAG).

The founding members said the advisory group's role is to establish a vision and strategy for the global air cargo supply chain and to present joint industry positions to third parties, including inter-governmental organizations such as the World Customs Organization (WCO) and the International Civil Aviation Organization (ICAO).

Chairmanship of the new Steering Committee will rotate among the members on an annual basis, commencing with TIACA for this year. TIACA will also serve as the Secretariat for the new group.

Each member will designate two representatives on the Steering Committee which will direct, supervise and assist Task Forces of technical experts responsible for addressing GACAG's objectives in relation to Security, E-Commerce, Customs and Sustainability. 

The individual Task Forces will report back to the committee with recommendations.

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Credit Insurance - Not as expensive as you think!

Business today is stressful enough without the additional worry that one of your buyers has gone into liquidation and you are left nursing a bad debt.  Couple that with the rising insolvency statistics which show that over 1500 Irish companies failed in 2010 and expectations are that a similar number will not survive in 2011 it is safe to assume bad debts are going to be a feature of doing business in Ireland for the foreseeable future.   

Over the past number of years a significant number of companies have taken out credit insurance to protect themselves against the risk of non-payment by their buyers.

This insurance covers the Policyholder against losses incurred by reason of the insolvency and or protracted default (non-payment) of a buyer. Generally the Policy is arranged on a "whole turnover" basis where you insure all your credit sales, regardless of where your buyer is based.  Pricing is calculated on the turnover, industry sector, bad debt record & spread of risk. 

In the past credit insurance was seen to be expensive, restrictive and cumbersome.  This has changed with as many as 10 Underwriters now providing this form of business protection.  As a guide to cost, based on an estimated turnover of EUR4,000,000 you could expect to pay EUR11,000.

Under the Policy each of your customers has a credit limit which determines the maximum an insurer would pay out in the event of a claim.  If a non-payment by your buyer occurs you must notify the insurer of this and they can assist in the collection process - if this process is unsuccessful, subject to Policy compliance,  a default claim will be processed between 3 to 6 months after due date. In the event of a loss due to insolvency you can expect a claim payment within 30 days of receiving confirmation of the debt from an insolvency practitioner.  It is important to note that the Policy only covers undisputed debts.  Insurers generally settle claims at 90% of the insured loss.

Most of the Underwriters provide on-line systems for recording credit limits, late payment notifications and turnover declarations which speed up the decision processes needed to run your business smoothly.   

The Policy can compliment your own credit control procedures in that each insurer checks out your buyer's creditworthiness thus providing you with an up to date assessment, allowing you to concentrate on the better portion of your ledger. 

 If you would like to explore this type of insurance further please contact John Morris, Director at Trade Credit Brokers Ltd on 01-6698319 or john.morris@tcbrokers.com

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IIFA Council Matters

Professional Membership

It has been decided by Council that Professional Membership of the association should be re-introduced. This will enable individuals to apply for membership of the association so as to avail of the many benefits that membership gives.

Full details will be forthcoming over the next few months.

Annual Ball in the Convention Center October 2010

The event which took place last October, despite the unpromising economic situation, was reported by the Treasurer as having achieved an overall satisfactory result with a modest profit on the evening realized.

Congratulations to the organizing committee and thanks for organizing a truly memorable occasion was expressed by the Council to the organizing committee.

The committee consisted of Paddy Kenny, Sean Sandford, Eddie Mullins and Pat Nolan. 

AGM

The 2011 Annual General Meeting is scheduled to take place on 19th of May beginning at 12 noon at Bewleys Hotel, Dublin Airport. A light lunch will be available on the day and a finish by 2PM is planned for. Formal notifiction will be posted to Full Trading Member representatives in the coming weeks.

New Members of IIFA