The Chubb Group of Insurance Companies and FreightWatch International are teaming up against record-high levels of cargo theft.
FreightWatch, which reported an 8.3 percent increase in the number of cargo thefts last year, will offer Chubb transportation insurance customers a 10 percent discount on real-time shipment tracking services. Using covert tracking devices, FreightWatch tracks and monitors cargo and alerts law enforcement agencies when thefts occur. Chubb will waive up to $10,000 in cargo insurance deductibles when merchandise is stolen while being monitored by FreightWatch, provided the goods are not recovered within 30 days of law enforcement being notified.
In recent years, Chubb has entered into other business relationships to help deter cargo theft. Chubb is a member of CargoNet, which helps prevent cargo theft and increase recovery rates through information sharing among theft victims, their business partners and law enforcement. Chubb also will waive certain deductibles when cargo is stolen from tractor trailers equipped with SteelSafe vehicle immobilization systems. In addition, Chubb customers can obtain theft reporting and equipment identification services from National Equipment Register.
FreightWatch is the offers logistics security services, including tracking and monitoring products that provide organizations with cargo security, transparency and supply chain integrity from origin to destination.