Companies Partner with NER to Combat Equipment Theft
December 15, 2005 • JCB,
By ensuring that NER has correct information on its databases, JCB is helping improve the quality and timelines of information available to officers trying to identify the true owner of JCB equipment. “Equipment theft is a growing concern for our clients, and we are keen to help them,” said Paul Keogh, JCB's vice president of marketing. “Helping NER to help law enforcement is one way in which we can do this.”
Although theft may not impact the bottom line of a manufacturer, David Shillingford, president of NER, maintains that “the steps that JCB is taking will certainly help their distributors and clients.”
Chubb is making it easier for policyholders to register equipment with NER before a theft occurs. Chubb will pay the cost of registering the first 10 pieces of equipment. NER registration fees for items over the initial 10 will be reduced by 20% for Chubb policyholders. Also, Chubb will waive insurance deductibles of up to $10,000 for stolen equipment registered with NER not recovered within 30 days of being reported stolen to law enforcement authorities.
The value of stolen equipment has risen 20% each year since 1996, and theft is the most common cause of loss for heavy equipment, according to Insurance Services Office. And only 10% to 15% of stolen equipment is ever recovered. Some national surveys have suggested that the total figure for stolen heavy construction and agricultural equipment could be as much as $1 billion each year in losses and indirect costs, such as rentals, downtime, lost productivity and project overrun penalties.
“Combating commercial equipment theft is one of our toughest challenges,” said Pat Stoik, vice president of Chubb & Son and Global Inland Marine Manager for Chubb Commercial Insurance. “NER has been pivotal in helping Chubb and its customers recover stolen equipment. We are giving our policyholders incentives to take an active role in combating equipment theft and reduce their risk.”
