fbpx
Client Login

Stay Updated

Subscribe to the INSURICA blog and receive the latest news direct to your inbox.

Subscribe to the blog

Inland Marine Losses

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.

About the Author

INSURICA
INSURICA

Share This Story

Keep up to date

Subscribe to the INSURICA blog and receive the latest news direct to your inbox.

Subscribe to the blog

Related Blogs

The Importance of Properly Storing Flammable Liquids

November 9th, 2022|Blog, Personal Insurance|

Flammable liquids are present in nearly every workplace. Gasoline, diesel fuel, and many common products such as solvents, thinners, cleaners, adhesives, paints, waxes and hand sanitizer may be highly flammable or combustible. If used or stored improperly, flammable and combustible liquids can cause serious injury or death.

Inflation Reduction Act (IRA): Healthcare Provisions Employers Should Know

November 1st, 2022|Blog, Employee Benefits|

President Joe Biden signed the Inflation Reduction Act (IRA) into law on August 16, following House and Senate passage. The law's healthcare provisions and increase in IRS auditors could impact employer-sponsored health and retirement plans, so group health plan sponsors should keep an eye on the legislation's provisions, experts say.

Go to Top