Equipment theft is a common, costly, and growing problem throughout the U.S. Estimates of the value of equipment stolen from construction sites range from $300 million to $1 billion annually and are rising.*
Professional theft rings and individual thieves are more active than ever. Opportunity and market are two of the key reasons for the increase. Contractor’s equipment rarely has identifying marks and is often left unprotected on job sites, making it easy to steal. Smaller equipment such as a tractor or loader is also easily and quickly sold within the U.S. or abroad. In addition, law enforcement resources to combat equipment theft are limited, resulting in low recovery and apprehension rates.
Taking preventative action is your contracting clients’ first line of defense against equipment theft. And since it isn’t always possible to prevent theft, your clients also need The Hartford’s Contractor’s Equipment coverage to protect their investment in equipment so that they can get back to business after a theft loss.
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Get our Best Practices: Preventing Theft of Contractor’s Equipment
*Source: NER (National Equipment Registry)
