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Equipment Thieves Increasing Insurance Losses

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

By Staff Writer | Updated on February 12, 2007

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.

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