Risk & Business Magazine Lloyd Sadd Insurance Brokers Fall 2016 | Page 29
EQUIPMENT THEFT
a thousand words, and taking photos of
what your equipment is also a smart idea.
Branding or logos on equipment and tools
make them easily identifiable and may
also deter theft. If theft of large equipment
is a problem or concern, then equipment
immobilizing devices, lockout devices, and
GPS tracking units may assist in deterring
theft and promoting recovery of the more
valuable mobile equipment you own.
Often, the theft of large equipment involves
several items that may be insured on
different policies, each with its own specific
deductible. The truck, trailer, and skid
steer combination will likely carry three
separate deductibles, though there are ways
of avoiding this.
Tools located off-premises are not insured
as contents and will not be covered as
such, should the loss occur away from
your shop. Losing a rake, backpack blower,
or push mower due to theft won’t likely
warrant filing a claim with your insurer,
but a trailer containing all this equipment
might. The trailer may be insured, but your
auto insurer won’t be on the hook for its
contents.
THEFT PREVENTION MEASURES
An effective equipment theft prevention
plan will include multilayered measures
which vary based on the theft level of the
equipment. In fact, contractors with low
hazard equipment can incorporate multiple
measures from Layer One, which are both
low cost and effective. On the other hand,
a contractor with high hazard equipment
may require multiple measures from all
four layers.
LAYER ONE
• Locking doors
•
•
Store equipment in controlled-site
access
Secure tools in an enclosed building
with alarms
•
Use of etching or marking technology
(microdot technology)
•
Corral and secure equipment together
•
Confirm the engine compartment area
is locked and secure
LAYER TWO
• Visible or audible warning devices that
deter theft, including alarms
Locks (track, cylinder, fuel caps, wheel,
hitch, and pin)
•
Wheel boots
•
Hydraulic lock-out systems
•
Cab shields and laminated glass
•
Tire deflators
EQUIPMENT
•
Serial numbers and product
identification
•
Etching VIN or ID numbers on
windows and parts (creating re-sale
issues, microdot technology)
•
Make and model
•
Year built
LAYER THREE
•
Immobilizer devices
•
Date purchased and cost
•
Markings, logos, and location of any
details that help with identification
•
Photos
•
Photos
Tool inventory and appraisal service can
expedite the above process.
Put tools away in a secure location
after use; do not allow them to be left
sitting for long periods of time
Parking in well-lit, visible areas
•
Description
•
•
Steering wheel and brake pedal locks
•
Identifying marks on tools (e.g.,
numbers, company logos)
Removing keys
•
TOOLS
•
Date of purchase
•
•
Steering column collars
RECORDS
Having a current inventory and detailed
records of all equipment and tools used on
project sites is an instrumental element to
recovery and management. Records should
include the following:
TOOL THEFT CONTROL
LAYER ONE
•
Don’t leave tools on site
LAYER TWO
•
On-site lock boxes with hardened
locks (hidden shack