Thwarting Heavy Equipment Thefts
Monday, April 28th, 2003 Auto PropertyInsurers are 10 times less likely to recover a $50,000 backhoe than a $5,000 automobile. Why and what can be done to change this? Although complete, accurate national statistics do not exist, all indicators point to a problem that is getting worse. The value of stolen equipment reported to Insurance Services Office by insurance companies has increased by up to 20 percent every year since 1996. In 2000, reported inland marine theft losses alone were more $127 million. Some national surveys have suggested that the total figure could be as much as $1 billion each year in losses and associated costs, such as rentals, downtime, wasted management time, and project overrun penalties.
External References & Further Reading
http://www.claimsmag.com/Issues/march03/thwarting.asp
