Insure Equipment with an Inland Marine Policy

April 25, 2012 at 1:22 pm | Posted in Business Insurance, Insurance | Leave a comment

Here are three reasons why you always should insure your business equipment with an inland marine policy.

1.         Costs associated with equipment theft exceed $1 billion, according to the National Equipment Register (NER). This includes direct and indirect losses, such as rentals.

2.         The major reasons for the increase in equipment theft are the value of the equipment and its ease of sale. “Lack of site security” is the top reason why thieves seem attracted to heavy equipment.

3.         There isn’t much of a deterrent for equipment theft. Thieves also know that the penalties are fairly light if they are caught. The equipment is very difficult to trace and is recovered less than 15% of the time. (Stolen autos are recovered 60% of the time.)

According to the NER, equipment owners should register their equipment immediately. The next step is to consider your insurance coverage.   Although, most business owners take the insurance offered by the leasing company, an inland marine policy may be your most cost effective avenue and the best defense against financial loss due to equipment thieves.  Adding the equipment to your current business policy may also be an option so speak with your agent or contact the NSA Group with any additional questions.

Helpful Links:

NER HELPtech – Register Machine Product Identification Numbers

CNA/NER Partnership to Combat Heavy Equipment Theft

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