Insurance Scheme for Furniture Manufacturers and Merchants in Kerala

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Furniture industry was badly hit by the unprecedented flood in Kerala state two months before. This natural calamity has made the industry people to make an arrangement or its revival and safeguard in the future from any type of such happenings. Coming forward to find out solution to the cause Furniture Manufacturers and Merchants Association (FuMMA) has launched insurance scheme for furniture manufacturers and merchants in the state ‘FREE OF COST’ offering them cover from natural calamities, burning, theft and any type of such happenings. The association came into existence in the year 2012 and currently have nearly 3500 members.

According to the association, 90% of FuMMA members do not have any insurance coverage against losses suffered during such calamities. They have to suffer a lot in the recently flood hit situation in many parts of the state in absence of insurance. “After the flood we understand that small merchants had no insurance policy and they have to suffer a lot for their existence. Furniture merchants were badly affected by the recent calamity which had hit almost entire Kerala posing a huge loss. So, our committee decided to come up with such scheme which can help them in future. The insurance package we are introducing in tie-up with the New India Assurance Company which will give a cover of up to Rs 12 lakh for small-scale furniture manufacturers and merchants. It will be segmented in a way as 2 lakh for material loss and 10 lakh for building and property loss,” said Mr K.P. Ravindran, Founder President, Furniture Manufacturers and Merchants Association (FuMMA), Kerala.

“Though only association members are eligible for the coverage under the scheme, the association membership has been kept open for fresh applicants. The membership is free. The premium for the insurance scheme will be mobilized through furniture festivals to be conducted annually and through sponsorship mainly from the furniture raw-material suppliers, said Mr KP Ravindran. The association is also taking other initiative regarding development of the industry includes: the joint participation of national and international exhibition, explore the newer opportunity for the industry people and put the matter of industry before government authorities and together find out the solutions. Besides, the association also organise various awareness programme for the benefit of the industry.

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