Industry News
GPS Tracking Isn’t Enough: One Simple Step Can Protect Your Heavy Equipment from Theft
Authors, Sam Clayton, Vice President, Construction Group, Rancho Mesa Insurance Services, Inc.
The use of heavy equipment by grading/excavating, street/road and water/sewer contractors is vital in their daily operations. Outside of their employees, this is their 2nd most valuable asset and also very expensive to replace, if stolen. Contractors across the country have seen an increase in heavy equipment theft. According to the National Equipment Register (NER), heavy equipment is nine times more likely to be stolen than vandalized and five times more likely to be stolen than encounter fire damage.
Author, Sam Clayton, Vice President, Construction Group, Rancho Mesa Insurance Services, Inc.
The use of heavy equipment by grading/excavating, street/road and water/sewer contractors is vital in their daily operations. Outside of their employees, this is their second most valuable asset and also very expensive to replace, if stolen. Contractors across the country have seen an increase in heavy equipment theft. According to the National Equipment Register (NER), heavy equipment is nine times more likely to be stolen than vandalized and five times more likely to be stolen than encounter fire damage.
Contractors are often comforted that they purchased an inland marine policy to cover the loss of a piece of heavy equipment when stolen. However, there are steps companies can take to reduce the likelihood of their equipment being stolen or at least increase the chances of the equipment being recovered.
In addition to using GPS asset tracking software, Rancho Mesa recommends registering all heavy equipment with the NER, a subsidiary of the Verisk Crime Analytics family of companies.
The NER, through the their HELPtech (Heavy Equipment Loss Prevention Registry) program, is the largest national database company that houses ownership information and theft data for construction and agricultural equipment. This database helps law enforcement officials identify your equipment after a theft, increasing the odds and speed of recovery significantly. Think of this as the DMV for heavy equipment.
Annual membership to the NER is nominal:
$250 for up to 50 pieces of equipment
$450 for up to 150
$750 for up to 1000
Members also receive special decals for their equipment, alerting potential thieves that stealing this equipment and trying to sell it would be more trouble than what it is worth.
In addition, many insurance carriers are willing to waive the policies theft deductible up to $10,000 if the piece of equipment is stolen and registered through the NER.
In partnership with the NER, Rancho Mesa can offer clients a discount when registering your equipment through HELPtech. Contact me at (619)937-0167 or sclayton@ranchomesa.com to learn more.
One Easy Step Can Improve Your Equipment Theft Prevention Program
Author, Drew Garcia, Vice President, Landscape Group, Rancho Mesa Insurance Services, Inc.
A piece of heavy equipment like a skid steer, backhoe, or excavator can be a vital tool for a landscape company and is expensive to replace, if stolen. According to the National Equipment Register (NER), heavy equipment is nine-times more likely to be stolen than vandalized and five-times more likely to be stolen than encounter fire damage. These statistics are alarming and prove theft of heavy equipment has now become a billion dollar illegal industry.
Author, Drew Garcia, Vice President, Landscape Group, Rancho Mesa Insurance Services, Inc.
A piece of heavy equipment like a skid steer, backhoe, or excavator can be a vital tool for a landscape company and is expensive to replace, if stolen. According to the National Equipment Register (NER), heavy equipment is nine-times more likely to be stolen than vandalized and five-times more likely to be stolen than encounter fire damage. These statistics are alarming and prove theft of heavy equipment has now become a billion dollar illegal industry.
When confronted with these realities, business owners are comforted that they’ve purchased an inland marine insurance policy to cover the loss of a piece of heavy equipment. But, there is another step companies can take to reduce the likelihood that a piece of their equipment will be stolen or increase the chance that stolen equipment will be recovered.
HELPtech (i.e., heavy equipment loss prevention technology), is an online database that tracks heavy equipment. Law enforcement officials are able to utilize the information from the database to track and recover stolen equipment. Decals on the equipment alert would-be thieves that stealing this equipment and trying to sell it will be more trouble than it’s worth.
In some cases, insurance carriers are willing to waive the policy theft deductible, if the equipment that was stolen is actively registered through the NER - HELPtech database.
The NER also provides updated theft trends and security tips for best practices to help companies stay informed and up to date on activity across the country.
In partnership with the NER, Rancho Mesa can offer clients a 20% discount when utilizing HELPtech. Register your equipment, today.
To learn more about your heavy equipment exposure, contact me at (619) 937-0200 or drewgarcia@ranchomesa.com.