Equipment losses are on the rise and this affects most contractors directly or indirectly. Specifically, Inland Marine carriers are reporting upticks in losses of mobile equipment each year.
Items such as skid steers, mini excavators, trailers, hand tools and GPS systems have become prime targets for thieves. In addition, equipment losses from fire have seen a substantial increase in total claim dollars.
Keeping your equipment safe from theft and fire
Security measures are the first line of defense from thieves.
If items cannot be properly secured on the jobsite, take it back to a secure location at night. If mobilizing equipment is not an option, identify areas with high traffic, good lighting, and ability to barricade or lock equipment.
Utilization of equipment tracking devices is not only a deterrence but aids in the recovery of stolen equipment. Ensure your GPS tracking devices provide instant alerts if equipment is moved during off-duty time.
Keypad controllers are beneficial in deterring theft if you are aware of the proper procedures for changing codes. These work best with individual numbers for each employee.
Fire prevention is vital to mitigating Inland Marine losses. Proper maintenance of equipment is the first line of defense in fire prevention.
Ensure equipment is leak free and performs according to manufacturer's recommendations. Secondly, ensure that mobile equipment has the proper fire extinguisher installed. Fire extinguishers can help prevent catastrophic loss if fire is detected in the incipient stage and can be extinguished.
For more Risk Insight information, contact INSURICA today.
This article is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. © 2022 Zywave, Inc. All rights reserved.
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