“Our data reveals that by the end of 2018 thefts could rise by a further 9%, which should be extremely concerning for construction firms.”
Allianz UK’s Chris Little (pictured) said “there are reports of more organised professional criminals making a good living out of stealing plant items.” According to the numbers released by the insurer’s engineering, construction & power unit, where Little serves as director, Allianz dealt with 665 plant theft claims in 2017 – up from 619 the previous year and also higher than 2013’s count of 428.
The projected figure for this year is 732 claims.
“Larger items such as excavators and JCBs proved to be the most expensive claims with one example costing £650,000 where a number of items of plant were stolen during the Christmas period at a quarry site,” noted the insurer.
“Theft of tools continues to be the most frequently stolen items accounting for a third of the number of claims with the cost usually falling between £1,000 and £5,000. One of three claims that fell within the £100,000-£250,000 bracket involved a fraudulent hirer stealing 13 items of plant over four separate deliveries.”
Meanwhile Allianz suggested installing controlled entry and exit systems at construction sites; removing tools from vans where possible; and using a variety of security measures such as plant tagging or GPS.
