Peerless Insurance, a member of Liberty Mutual Group, has teamed with LoJack Corp., to reduce construction equipment theft and boost recovery.
The insurer is making the LoJack for Construction Equipment police-operated vehicle recovery systems available to construction customers at a discount to help combat what the National Insurance Crime Bureau (NICB) reports is a $1 billion crime annually.
The NICB says organized crime rings are the driving force behind the increasing problem of heavy equipment theft throughout North America and that construction sites are their frequent targets. A 2005 Construction Equipment Theft Survey conducted by Cygnus Business Media found that 64 percent of those affected by this crime never recover their equipment.
In association with Peerless Insurance, LoJack is offering customers a savings off the regular cost for LoJack products for commercial vehicles and equipment.
LoJack claims to have a 90 percent recovery rate nationwide and reports that 68 percent of stolen equipment with LoJack is recovered in less than 24 hours.
“LoJack’s technology is a perfect fit with our focus on minimizing risks and losses through loss prevention,” said Chuck Badeau, loss prevention manager, Peerless Insurance. “With some construction equipment valued at hundreds of thousands of dollars, this is a loss prevention tool with a proven recovery rate that can work to keep losses off the balance sheet.”
Source: Peerless Insurance
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