The soaring resale value of construction equipment has resulted in an increasing number of thefts, putting business owners at risk more and more. With that in mind, The Hanover Insurance Group, Inc. has entered into a partnership with LoJack Corporation, the only police-activated stolen vehicle recovery system in the U.S. Through the alliance, the insurer will waive up to $25,000 of a policy deductible if a piece of LoJack-fitted equipment is stolen and not recovered. In addition, construction companies who install LoJack on their commercial equipment will be eligible to receive discounted insurance rates with The Hanover.
“We are thrilled to partner with LoJack to offer discounted insurance rates to our commercial clients,” said David Firstenberg, president of The Hanover’s commercial lines business. “Given LoJack’s track record, we truly believe that encouraging policyholders to participate in this program will help significantly reduce the risk that their equipment will be stolen and will not be recovered.”
Specifically, in an effort to reduce the increasing risk of theft of this expensive equipment, new customers or customers renewing their policies are eligible to receive $100 savings off of their insurance policy for each of the first 15 pieces of construction equipment fitted with a LoJack stolen vehicle recovery system, which can ultimately result in a savings up to $1,500. LoJack has enabled police to recover more than $15 million in stolen construction equipment in 2005.
The LoJack system can be fitted to most construction equipment and entails the covert installation of a small radio frequency device that is tracked by police. LoJack does not charge monthly fees.
“We are excited to partner with The Hanover to help combat the serious problem of construction equipment theft,” said Richard T. Riley, LoJack’s President and COO. “As an organization dedicated to offering the most effective solutions for the tracking and recovery of stolen mobile assets, we are always looking for innovative partnerships that support our goals.”
Source: LoJack Corporation, The Hanover
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