Some stats about our Indian consumer....

Are people yet not aware of the benefits of insurance? Or majority of the population has become risk takers? I feel, former is the more justified reason in case of our country….yes, people are yet not aware about the long term benefits of the insurance products, they are not even aware of the benefits of starting early. Statistics have highlighted that in India penetration level of insurance is only 5.1% out of which 4.4% has been contributed by Life Insurance and 0.7% by non-life.

There should be a match between the requirements of the customer and the insurance products, and that should be explained to the customer.  

The survey conducted by Swiss Re. It was conducted across 11 Asia Pacific markets, covering 13,800 consumers between the 20 and 40 age group. People between 20 and 40 age group in India are the most willing to take risk in their lifestyle, such as pursuing danger sports and working for longer hours.

“But, 83% of Indian respondents still consider capital preservation as their top priority in making an investment. This proposition is the highest in the region,” said Mr. Amit Kalra. The insurable population in India would be 250 million by 2020. Hence, the insurance products should be innovative enough to satisfy the requirements.

Life insurance is not as expensive as people may perceive and Indians can afford it, the study finds. For a term life insurance cover, 80% of respondents in India are willing to pay at or above the market price range.

WHAT IS CPM INSURANCE?

CPM stands for  contractors part and machinery . CPM insurance is an All Risk policy covering the plant and machinery of a contractor at specified work sites. The contractor’s machinery is generally used under rough conditions and so is more vulnerable to damage. Breakdown of such machinery can jeopardize the completion of a project and put many other things at stake. The CPM Policy is designed for all such situations and will assist in protecting you against the sudden and unforeseen physical loss or damage to your plant and machinery. It covers all kinds of construction equipment like compressors, heavy duty cranes, boring machines, bulldozers, pipe jacking, and hauling equipment, excavators, loaders, road rollers etc.

Duration: Normally on annual basis and to be renewed periodically.

General Coverage:

• Fire and Lightning
• Accidental damage like defective workmanship and material, lack of skill, Negligence, Malicious act or Human error.
• Water damage, Flood, Storm, Tempest, Inundation
• Collapse, Collision, Impact.
• Theft & Burglary
• Subsidence, landslide, Rockslide.

General Exclusions:

·         Loss or damage due to War or Warlike operations, Civil Commotion etc.

·         Loss or damage due to Wilful act or Negligence of the Insured or of his representative

·         Loss or damage due to Nuclear reaction, Nuclear radiation or Radioactive contamination.

·         Loss discovered only at the time of taking an inventory.

·         Loss or damage due to normal wear and tear, Gradual deterioration due to atmospheric conditions or lack of use, Rust

·         Loss or damage due to faulty design

General Extensions: 

Cover can be extended to includes up to a limit chosen by you on the following on payment of additional premium-
- Owner's surrounding property
- Clearance and removal of debris
- Additional customs duty
- Express freight
- Air freight
- Third party liability
- Floater cover
- Dismantling
- Earthquake
- Escalation