Travelers Inland and its Risk Control unit have announced development of an initiative with Celevoke, Inc., that will allow Travelers customers the ability to purchase Celevoke’s LunarEYE Wireless Asset Tracking and Control systems at a discount.
"Recognizing that stolen equipment causes costly delays and increased losses, Travelers Inland is pleased to be working with Celevoke to help reduce the likelihood and severity of losses for Travelers’ insureds," the company notes. "Increased security measures, such as asset tracking, protect the insureds’ significant investment in construction and other heavy equipment key to their operations."
"Travelers Inland is well aware that theft is a regular occurrence that plagues heavy equipment owners and trucking companies across the country," said Joseph Tracy, chief underwriting officer, Travelers Inland. "We are excited to work with Celevoke, as we see significant value and risk control benefits in the equipment recovery and management systems offered by the LunarEYE system."
"Working with Travelers is a significant development for our company, and we look forward to assisting Travelers and its insureds in reducing theft losses," added Chuck Allen, chief executive officer, Celevoke.
Additionally, Celevoke will develop a secure website that will allow Travelers’ insureds to track, monitor and manage the equipment outfitted with Celevoke’s proprietary GPS devices on a daily basis. In the event of a theft, the ability to track equipment can lead to quick recovery.
The Travelers Companies, Inc. (NYSE: TRV) is a property casualty insurer selling primarily through independent agents and brokers. The company’s business lines offer its customers coverage in both personal and commercial settings, including automobile, homeowners, construction, small business, oil and gas, ocean marine, surety and management liability, global technology, and public sector services.
Travelers is a Fortune 100 company with 2007 revenues of $26 billion and total assets of $115 billion. The company has approximately 33,000 employees.