Chubb and National Equipment Register Partner to Combat Equipment Theft
WARREN, NJ, October 27, 2005 – The Chubb Group of Insurance Companies has collaborated with National Equipment Register (NER) to help deter heavy contractors
equipment theft and increase the chances of recovering stolen equipment.
Insurance companies routinely register equipment thefts with NER. Now, in response to the rising cost of equipment thefts,
Chubb is making it easier for policyholders to register heavy contractors equipment with NER before a theft occurs. Chubb
will pay the cost of registering the first 10 pieces of equipment. NER registration fees for items over the initial 10 will
be reduced by 20% for Chubb policyholders. Also, Chubb will waive insurance deductibles of up to $10,000 for stolen equipment
registered with NER not recovered within 30 days of being reported stolen to law enforcement authorities.
The value of stolen equipment has risen 20% each year since 1996, and theft is the most common cause of loss for heavy equipment,
according to Insurance Services Office. And only 10% to 15% of stolen equipment is ever recovered. Some national surveys have
suggested that the total figure for stolen heavy construction and agricultural equipment could be as much as $1 billion each
year in losses and indirect costs, such as rentals, downtime, lost productivity and project overrun penalties.
“Combating commercial equipment theft is one of our toughest challenges,” said Pat Stoik, vice president of Chubb & Son and
global inland marine manager for Chubb Commercial Insurance. “NER has been pivotal in helping Chubb and its customers recover
stolen equipment. We are giving our policyholders incentives to take an active role in combating equipment theft and reduce
their risk.”
Through NER’s secure and confidential online registration, businesses provide descriptions of their equipment and the serial
numbers, and this information is stored in a national database. In addition, registrants are given a warning decal for each
piece of equipment to help deter thieves.
“Chubb has recognized this leading industry issue and taken measures to assist its customers in combating theft,” said David
Shillingford, president of NER. “NER and Chubb are working together to help reduce the costs associated with equipment theft
and provide customers with added value.”
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property
and casualty insurance for personal and commercial customers worldwide through 8,000 independent agents and brokers. Chubb’s
global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia. For more information,
go to www.chubb.com.
Created in 1999, National Equipment Register manages a national database of heavy equipment thefts and ownership to help equipment
owners, the insurance industry and law enforcement identify and recover stolen equipment. For more information, go to www.NERusa.com.
Contact:
David Hilgen
Public Relations Specialist
The Chubb Group of Insurance Companies
(908) 903-4165
E-mail: dhilgen@chubb.com
David Shillingford
President
National Equipment Register
(212) 297-0941
E-mail: dshillingford@alrny.com
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