View this article online: https://www.claimsjournal.com/news/national/2005/10/27/61354.htm
The Chubb Group of Insurance Companies has collaborated with National Equipment Register (NER) to help deter heavy contractors equipment theft and increase the chances of recovering stolen equipment by offering its policyholders the option to register equipment with NER before a theft occures.
Insurance companies routinely register equipment thefts with NER. Chubb will now 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 percent 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 percent each year since 1996, and theft is the most common cause of loss for heavy equipment, according to Insurance Services Office. And only 10 percent to 15 percent 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.”
Through NER’s secure and confidential online registration, businesses provide descriptions of their equipment and the serial numbers, and this information is stored in a national database. In addition, registrants are given a warning decal for each piece of equipment to help deter thieves.
“Chubb has recognized this leading industry issue and taken measures to assist its customers in combating theft,” said David Shillingford, president of NER. “NER and Chubb are working together to help reduce the costs associated with equipment theft and provide customers with added value.”