The Chubb Group of Insurance Companies and LoJack Corporation, a provider in stolen vehicle recovery technology, announced a marketing arrangement.
Under this arrangement, LoJack will provide Chubb customers who have contractors’ equipment commercial inland marine insurance with a free extended warranty and other benefits on LoJack’s Stolen Vehicle Recovery System. Chubb will waive insurance deductibles of up to $10,000 for unrecovered stolen contractors’ equipment protected by LoJack’s System.
“Combating commercial equipment theft is one of today’s toughest challenges,” said Pat Stoik, vice president of Chubb & Son and inland marine manager for Chubb’s Commercial Insurance business unit. Close to $1 billion a year of construction equipment and tools is lost nationwide due to theft, according to the National Insurance Crime Bureau. “When equipment is stolen, businesses lose money and valuable time due to project delays. Chubb and LoJack are working together to help reduce the costs associated with equipment theft and provide our customers with added value. Through LoJack’s proven technology and direct connection with law enforcement agencies, we can help Chubb’s customers lessen the threat of theft by adding an extra layer of protection.”
LoJack markets a specialized version of its proven radio frequency based technology for commercial use. The “ruggedized” LoJack was designed to withstand the rigors and conditions of an active construction site. LoJack systems have reportedly proven to be highly successful in helping police recover stolen trucks, trailers and construction equipment. In 2002, some 87 percent of LoJack-equipped construction equipment was recovered in less than 24-hours after being reported to the police and 95 percent of that equipment was undamaged.
Chubb’s customers will be able to purchase LoJack’s Stolen Vehicle Recovery System for construction equipment at a special rate. They will also receive an extended warranty of seven years including parts and labor and the LoJack “Get it Back Guarantee,” which will replace the LoJack unit for free if a piece of protected equipment is stolen and not recovered within the warranty period. The standard warranty is for two years including parts and labor.
In addition, if a piece of equipment with LoJack installed is stolen and not recovered, in most cases, Chubb will waive the insurance deductible up to $10,000.
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