PRESS RELEASES
LoJack and CNA Announce Partnership Aimed at Reducing Construction Equipment Theft Losses
Westwood, MA, September 21, 2001 - LoJack Corporation (Nasdaq: LOJN), the nation's only police-operated, stolen-vehicle recovery system, and CNA, a major U.S.-based business insurer, have announced that CNA will waive the deductible for stolen construction equipment up to $10,000 if the stolen equipment is protected by a LoJack Stolen Vehicle Police Recovery System. The coverage will be available on new and renewal policies with effective dates of October 1, 2001 or later and will also be an endorsement to the CNA Contractor's Equipment Coverage Form.
LoJack for Construction Equipment was designed to withstand the impact and conditions of an active construction site. LoJack for Construction Equipment units are small, silent transmitters. These "ruggedized" units are packed in a hardened metal housing that is weather and waterproofed and hidden in the recesses of construction equipment. Since its recent introduction to the industrial market, LoJack units have led to the recovery of millions of dollars worth of stolen construction equipment. LoJack-protected equipment and vehicles have a 90% recovery rate nationwide.
When police are notified that equipment has been stolen, the LoJack unit is automatically activated and begins to emit a silent radio signal. Police cruisers, equipped with a LoJack tracking unit (designed and available only to police forces around the country), will pick up the signal and lead officers to the equipment.
Construction Theft is a $1 Billion Industry
According to the National Insurance Crime Bureau, the construction industry incurs one billion dollars in losses as a result of heavy equipment and tool theft.
Trafficking valuable construction equipment has become a lucrative and growing business for thieves around the country. Stolen generators, bulldozers, air-compressors, bobcats and other construction equipment have a high resale price on the open and black market.
"By joining forces with LoJack to offer greater protection against the tremendous losses that a contractor experiences when his equipment is stolen from a site, CNA is leading the way in helping to fight the rising tide of construction theft," said, Joseph F. Abely, LoJack Corporation President and COO.
Larry Neuman, Vice President of Property for Commercial Insurance for CNA, joined Mr. Abely in heralding the announcement. "We understand that theft has become an increasing concern in the construction industry. Our goal was to partner with LoJack to provide an extra layer of coverage against theft and to increase the opportunity for the police to recover stolen equipment so that our customers have a better opportunity to continue their work."
Headquartered in Chicago, CNA is a leading insurance organization offering a broad range of insurance products and insurance-related service to business. Since 1897, CNA has built its business on a foundation of financial strength, stability and commitment to customers and business partners. Visit CNA online at www.cna.com. CNA is a registered service mark, trade name, and domain name of CNA Financial Corporation authorized for use by its subsidiaries.
LoJack Corporation develops and markets the most widely used stolen vehicle recovery technology utilized by law enforcement and security organizations in the world. Its radio frequency based system is the most successful tracking technology available today. Over 40,000 stolen vehicles equipped with the LoJack System have been recovered by U.S. law enforcement agencies.
Contact:
Paul McMahon, Corporate Communications
(781) 326-4700
Jane Bartnett
Jane Bartnett Communications, Inc.
(516) 897-9017 |