Insurance CEO Says Construction Theft is Up
Managing different types of risk was the focus of the CEO Roundtable discussion at the Canadian Construction Association conference, with the rise of theft, fire, and water damage hot topics of conversation.
Daily Commercial News reported that Silvy Wright, president and CEO of Northbridge Financial, talked about trends in insurance risks and how they are different today than they were in the past.
“When I looked at the construction segment…the number one claim in terms of count is theft,” said Wright at the conference, which was held in Tucson, Arizona. “About 38 per cent of our claims, just in numbers, not in dollars, is theft, whether it’s auto, equipment. That is on the rise. We’ve seen it on our auto but we’re seeing it in construction as well. You’re saying, ‘why is it on the rise?’ Well supply chain issues make things very valuable.”
And thieves are becoming increasingly creative. Technology is one option to manage risk.
“Now you can buy a little $10 tag and throw it in your golf clubs so you don’t have to worry about losing them when you travel,” she explained. “The technology is getting cheaper and cheaper in terms of identification and being able to track vehicles, equipment…It’s a worthwhile investment.”
Read the story.
Source: Daily Commercial News
About the Author
Frank RaczonFrank Raczon
Frank Raczon has influenced and covered the equipment industry for 35 years, including 15 years as senior editor of Construction Equipment, and marketing, advertising, and public relations work for the industry's top manufacturers. He authored "Caterpillar: Modern Earthmoving Marvels" (Motorbooks, 2015), and has won numerous awards in his career, highlighted by nods from the Construction Writers Association, the Association of Equipment Manufacturers, the Business Marketing Association, and BtoB magazine. Raczon has also won awards from publishing peer groups such as ASBPE and TABPI.