The criminal world has discovered a lucrative and growing market: theft of heavy construction equipment. This form of theft hits the wallets of construction equipment owners, causing losses in revenue, man hours, downtime, and missed contract deadlines.

Insurance is not enough. Unfortunately, too many companies learn the hard way that theft insurance is not the complete solution to protecting their bottom line.

The hidden costs of theft:

  • Vehicle and equipment replacement costs
  • Vehicle and equipment rental costs
  • Vehicle content replacement costs
  • Lost cargo and onboard equipment
  • Premium increases and insurance deductibles
  • Crew and equipment/vehicle downtime
  • Lost revenue
  • Potential contract penalties

The facts speak for themselves:

  • The NICB (National Insurance Crime Bureau) estimates annual losses from heavy equipment theft at nearly a $1 Billion*
  • 83% of equipment owners have experienced equipment theft recently**
  • 64% never got their construction equipment back**
  • 46% of stolen equipment was less than 5 years old***

Sources:
* NICB Data (2013)
** Construction Equipment Theft Survey conducted by Cygnus Business Media (2014)
*** Internal LoJack data