News from Chubb
Chubb
Group of Insurance Companies
15 Mountain View Road
P.O. Box 1615
Warren, New Jersey 07059
Contact:
David Hilgen
(908)
903-4165
Email:
dhilgen@chubb.com
Chubb and National Equipment Register Partner to Combat Equipment Theft
Policyholders Can Save on Cost of Registering Heavy Contractors Equipment
WARREN, NJ, October 27, 2005 – The Chubb Group of Insurance
Companies has collaborated with National Equipment Register (NER) to help deter
heavy contractor’s 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 contractor’s 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.”
About Chubb:
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.
About National Equipment Register:
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 http://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
