Protect Your Investment
Protecting your investments is something that usually goes without saying. When making purchases with high dollar values, the first thought it how to I protect my investment or make sure I can get my money back. You wouldn't purchase a vehicle or a home without purchasing insurance to go with it, so why do so many companies purchase patterns and tooling that are uninsured.
Patterns and tooling are a huge investment for manufacturers, an investment that must be paid upfront long before any parts or produced and/or sold. For those readers who are unfamiliar with castings, a pattern is what is used during the manufacturing process to create the mold. Molten metal is then poured into the mold and allowed to solidify, creating the raw casting. In order to get a return on that investment, castings must be produced and sold, but what if that never happens? What if there is a fire at the foundry and your pattern is destroyed? Does that foundry cover the patterns?
While a lot of foundries do insure patterns, there are also a lot of foundries that don't. This may not be too big of a deal for some customers, such as a customer looking for a handful of castings with no need for any repeats. But some manufacturers can invest hundreds of thousands of dollars into patterns and it is vital that the patterns are insured because they will be needed in the future. Although CPM Industries is not a foundry, we work with a network of partner foundries that produce the raw castings for us. All patterns and tooling that are produced at CPM Industries are insured until either the customer takes possession of the pattern, or it is no longer needed and is destroyed. But what if you don't need the pattern right now but will need the same casting in the future? At CPM, we offer to store patterns for customers who will need them down the road.
The next time you are exploring options for a casting, take into account whether or not the supplier insures their patterns. You will not only be making an investment into your pattern, but you will be investing money into a company to produce your parts; that company should invest money into protecting its customer's best interests. Happy customers lead to repeat customers.