Prakash Canser: "The main problem was we were under-insured"

It was the 26 July 2005 deluge. An incident that shook the whole of Mumbai and the Mumbaikars. 

It took us almost a month to bounce back into production, thanks to a lot of good friends who helped. The biggest problem was to get the motors started as all of them had conked off . Had it not been for my neighbour who used all his resources, worked tirelessly day and night. Thanks to his efforts, he got me and many others motors working.

Luckily not all our machines and stocks were in one unit. We have our printing, cutting, laminating and UV machine and stocks of raw material on the ground floor. Finishing or the post press, stocks of finished goods and office were on the first floor. 

The main problem was: we were under insured. We were carrying on with the valuation that was done five or six years ago. In these years we had upgraded our machines, our stocks had increased. Neither did my team at National Printing Press nor the insurance companies get the valuation done again. Just an hour before the flooding, we had unloaded seven tons of white back paperboard.

Like innumerable printer brothers, we had a policy for the sake of it. The contract was not thoughtfully drafted. The agent along with an insurance officer came to my office, asked a few questions and planned a policy. 

The other sad thing was, we did not get any help from our agent, insurance company or assessor. In fact the surveyor who visited our premises behaved badly with our staff. He would behave as if he had come to do us a favour. Disappointing indeed!

My tip to fellow printers is: In spite of the tragedy in 2005, there is still a lot to learn. Printers should take insurance very seriously. The policy should be drawn based on the nature of the business. But I would advise every printer to insure machines, furniture, stocks to name a few.

Medha Virkar was honoured with the Outputlinks' Women of Distinction Award for her industry experience, leadership skills and participation in the industry. Virkar who heads Kaleido Graphics has compiled a set of interviews with the printers affected by fire, floods and other accidents as part of Special Insurance Theme in the latest issue of Mumbai Mudrak Sangh's Print Bulletin. The above interview is an excerpt from the November 2014 print edition.