Claims News Service, Feb. 12, 10:02 a.m. EST — The National Equipment Register (NER) recently published its fourth annual Equipment Theft Report. The 2006 report provides statistics based from three sources: equipment theft reports in 2006, its database of more than 80,000 losses, and insurance industry data from the Insurance Services Office.
According to the 15-page report, theft was the most frequent cause of equipment insurance losses in 2006, yet 80 percent of theft reports were accounted for by only five types of equipment. The report also found that 48 percent of the theft reports were for machines manufactured in the last three years and that the brands most often stolen were John Deere, Caterpillar, Bobcat, Kubota, and Case.
The report also provides statistics and case studies of recoveries from among the $12 million of equipment that NER has helped law enforcement recover. Texas, California, and Florida lead the nation in thefts, with Texas and California accounting for the most recoveries in 2006. Each set of statistics is accompanied by a page of analysis and conclusions as to how law enforcement insurers and equipment owners can better deter theft and increase recovery rates.
“It is impossible for law enforcement to target every machine that they see, and it is not economical for insurers and equipment owners to invest in sophisticated security for every machine,” said Stacy Kaufman, NER's director of sales and marketing, in a press release. “It is vital to know where to focus resources for the response to equipment theft to be cost effective and therefore sustainable. This report allows that to be done.”
“This report is excellent and a valuable tool for us as an insurer to ensure that we are doing as much as possible to combat the primary cause of loss in this line of business,” said Dennis Childs, product manager for Inland Marine, Ohio Casualty Group, in a release.
More information is available at www.NERusa.com, www.StopEquipmentTheft.com.
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