With the summer months quickly approaching, construction is ramping up and so is the likelihood of job site crime. Your contractor and builder clients likely depend on their heavy equipment to earn a living. If the equipment pieces were stolen from a job site and the loss wasn’t covered under an insurance policy, your client could experience catastrophic consequences.
Think it’s not likely to happen? Consider these examples.
Incidences of theft or vandalism on job sites occur frequently. In fact, more than $1,000,000,000 is lost annually due to construction theft, according to a study by the LoJack Corporation. Only 23 percent of that lost, on average, is recovered by law enforcement.
Authorities in Indiana arrested seven men in April, 2016 after discovering more than $800,000 worth of stolen construction equipment in their possession. The owner of a construction company in Tennessee wasn’t so lucky. Thieves were caught on camera stealing more than $115,000 in equipment, but have yet to be apprehended.
Of course, there are steps property owners and contractors can take to help protect their equipment from theft. These include having controls in place for vehicle keys, verifying that only authorized personnel are allowed on the job site, and securing equipment and the site at all times.
However, even with the best preventive efforts, theft and vandalism can still occur. The good news is that you can help your clients protect their investment and their livelihood, by insuring their equipment against theft or vandalism. Contractors equipment coverage is designed to help commercial operations protect their valuable mobile equipment. Eligible clients include contractors, commercial general contractors, agricultural, excavation, municipalities, wholesalers, retailers or any other type of commercial client who owns mobile equipment and machinery.
Conversely, if the residential or commercial course of construction project your clients are working on is covered by the Builders Risk Plan insured by Zurich, they are also eligible to participate in the free Builders Risk Reward Program, which offers cash rewards to persons providing information about criminal activities on construction sites.
To learn more about how to help your clients protect their valuable construction equipment on the job site, download our free report Contractors Equipment Theft and Vandalism Protection.
This is intended as a general description of certain types of insurance and services available to qualified customers. Your policy is the contract that specifically and fully describes your coverage. The description of the policy provisions gives a broad overview of coverages and does not revise or amend the policy.