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Get In the Know: Protect Your Equipment from Theft

Get In the Know: Protect Your Equipment from Theft. Presented by. Agenda. Equipment Theft: A Large and Growing Problem Facts You Should Know: The Who, What, When, Where & Why of Theft Protecting Your Equipment From Theft: A Practical, Step-by-Step Approach Questions & Answers.

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Get In the Know: Protect Your Equipment from Theft

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  1. Get In the Know: Protect Your Equipment from Theft Presented by

  2. Agenda • Equipment Theft:A Large and Growing Problem • Facts You Should Know:The Who, What, When, Where & Why of Theft • Protecting Your Equipment From Theft:A Practical, Step-by-Step Approach • Questions & Answers

  3. Equipment Theft:Large and Growing Problem

  4. Equipment Theft: The Problem • Annual cost of theft as high as $1 billion • 72% have experienced theft • 76% never saw their equipment again • 65% of equipment recovered was damaged Has your company experienced equipment theft in the last 5 years? Source – LoJack 2005 Theft Study Source - NICB

  5. The Price of Equipment Theft Direct Costs • Initial investment • Deductibles • Project delays • Equipment replacement

  6. The Price of Equipment Theft Hidden Costs Beyond the loss of equipment, what other impact has equipment theft had on your firm? 37% 35% 23% 21% 9% Losses from Uninsured Equipment Costs for Added Site Security Increased Insurance Premiums Job Delays Contract Penalties Source –LoJack 2006 Theft Study

  7. Facts You Should Know: The Who, What, When, Where & Why of Theft

  8. Who’s Behind Theftand Why? • Organized crime rings • They know just what they want…and how to get it • A profitable undertaking… • Most heavy equipment carries a hefty price tag • …With typically low risks • Lack of site/vehicle security & investigation issues • Lack of attention from law enforcement • Lack of familiarity with equipment

  9. What is the Most Common Stolen Equipment? • Thieves target equipment that is: • In-demand and easy to resell • Easy to remove from jobsites • Smaller and more versatile • Skid steers, mini-excavators, mini-track loaders • Towables: “easy pickin’s” • Generators, compressors, welders

  10. Top Stolen Equipment 2007 Top Stolen Equipment Categories Source – LoJack 2007 Theft Study

  11. Where & When is Equipment Stolen? • Equipment is typically stolen from jobsites • Equipment yards / storage facilities are also targeted • The vast majority of equipment thieves operate at night • Weekend thefts are common • Theft often not discovered until Monday morning Source –LoJack Theft Study

  12. What Happens to Stolen Equipment? • Taken to a remote location for a “cooling off” period or concealed in a garage/ warehouse • Taken to another job site • Taken to a theft ring operation where PINs are removed and item is readied for resale

  13. Hot States for Theft - 2007 Hot Theft State Source – LoJack 2007 Theft Study

  14. Why is Equipment Vulnerable to Theft? • Theft detection issues… • Remote sites, weak inventory control • Relatively easy to change identity of equipment • No unique identifiers • Law enforcement usually more focused on vehicle theft • …And investigation challenges • Lack of standards for PINs, S/Ns • Lack of documentation for equipment

  15. Protecting Your Equipment From Theft: A Practical, Step-by-Step Approach

  16. How to Protect Your Equipment and Business From Theft Good Records are Essential • Label equipment with unique identifying numbers • Product Identification Numbers (PIN) • Owner Applied Number (OAN) • Mark numbers in multiple locations • Keep accurate inventory records • Record manufacturer, model number, year, PIN and • purchase date • Record serial numbers of each major component part

  17. How to Protect Your Business and Equipment from Theft Focus on Physical Security • Fence in or park equipment together to deter access • Communicate with law enforcement • Request more frequent patrols • Use immobilization devices such as wheel locks, fuel shut-offs or ignition locks • Install battery-disconnect switches • Install equipment tracking devices for: • Equipment recovery (LoJack) or • Asset management (GPS solutions) • Register equipment with a national database

  18. What to do if Equipment is Stolen • Contact police immediately to file a stolen equipment report • Provide the following information: • Manufacturer • Model number and color • Serial or Product Identification Number (PIN) • Date of purchase • Identifying marks • File an insurance claim within 24 hours of theft • Provide a copy of the police report or the case number • Spread the word

  19. Commercial Recovery Story Highlights Stolen Mini Excavator Leads to Shipping Container • A LoJack-equipped Takeuchi Mini Excavator was stolen from a rental company in VA and tracked to a ship docked at a SC port. • Officials followed the signal to a shipping container and found the mini excavator and two Bobcat skid steers, a John Deer skid steer, two trailers and a rotary hammer. • The equipment’s journey began at three different rental companies in VA and then moved to Chicago and NY before landing at the ship in SC. • Total value of the recovery was $175,000.

  20. Commercial Recovery Story Highlights Cont. LoJack System Leads Chicago-Area Police to Bust $900k Construction Theft Ring • By tracking a LoJack-equipped International truck, Chicago-area police discovered a major chop shop involving several stolen trucks and more than 30 pieces of equipment valued at $900,000. • The site was declared a “hazmat” zone because so much diesel fuel and other toxic substances had been dumped on the ground without any precautions. • Police apprehended the criminals behind this organized theft ring.

  21. Commercial Recovery Story Highlights Cont. Aircraft Tracks Roller to Theft Ring • A Caterpillar Asphalt Roller and trailer were stolen from a construction site in Fresno County. • Five hours later the flight crew of the California Highway Patrol picked up the LoJack signal, and tracked the equipment to a residence in Raisin City. • Auto theft investigators not only found the roller and trailer, but also a Bobcat, three John Deere Tractors, a Yamaha ATV, an Airman Compressor and two farm implement trailers – all of which were stolen. • Total value of theft ring bust was $200,000.

  22. Resources • National Insurance Crime Bureau (NICB) • LoJack Corporation • Associated Equipment Distributors (AED) • Association of Equipment Management Professionals (AEMP) • Inland Marine Underwriters Association (IMUA) • Stolen Heavy Construction Equipment Bulletin • Association of General Contractors (AGC) • California Crime Prevention Council • International Association of Auto Theft Investigators (IAATI) • Industry Publications

  23. Questions & Answers

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