LoJack Corporation, producers of a widely used stolen vehicle recovery technology utilized by law enforcement and security organizations, and The St. Paul Companies, a commercial property-liability insurance company, are working together to provide a blanket of security for The St. Paul’s customers.
With this agreement, policyholders have the opportunity to purchase LoJack anti-theft tracking units at a significant discount. The plan applies to St. Paul policyholders with heavy construction equipment, Inland Marine or auto comprehensive insurance. LoJack has a national vehicle recovery rate of 90 percent.
According to the National Insurance Crime Bureau, automotive, trucking and construction thefts account for billions of dollars in loss every year.
“We’re always looking for ways to help our customers and we are able to have a distinctive approach, in part, because of relationships with organizations such as LoJack,” said Dan Murphy, vice president – Risk Control. “LoJack is a service that provides our customers with a proven solution to theft.”
Not long after The St. Paul and LoJack Corporation cemented their agreement, the value of the relationship came to light through the hands of fate.
A manager for a major West Coast contractor who is a St. Paul insurance customer was discussing the benefits of installing LoJack equipment in the company’s property with a St. Paul representative. During their discussion, a valuable generator that happened to be the only piece of company equipment already equipped with LoJack was stolen. Only 37 minutes after the equipment was reported missing, police recovered the generator.
Later that day, the firm’s managers and representatives from The St. Paul cemented the sale of 19 additional LoJack units. They were quickly installed on the company’s equipment.
“This incident shows how theft can impact the bottom line,” said Joseph F. Abely, president and COO of LoJack Corporation. “For an individual or a corporation, the theft of valuable equipment can be a tremendous blow. That is why we are pleased to offer an added layer of protection against theft to St. Paul customers.”
Topics Construction
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